Mazaya Program Definition

Brief about Mazaya Program 

Mazaya program is one of the initiatives introduced by the Ministry of Housing in cooperation with the private sector that aims to provide social housings for citizens on the waiting lists. The idea of the program is selecting the citizen that meet the criteria of buying a unit through obtaining financing from one of the affiliated banks, provided that the government provides financial support to the citizen, which is represented in paying the difference between the value of the actual installment for the amount of financing specified by the funded bank, and the value of the monthly installment due to the citizen, which does not exceed 25% of the citizen's salary as a maximum.

Features

1. The program allows immediate purchase of housing units from the private sector without the need to remain on the waiting lists for projects that the ministry is building.

2. Citizens are free to choose their housing unit in terms of location, area or unit components, through projects of real estate development companies approved by the ministry, or other units that meet the technical specifications of the ministry.

Benefit Standards

According to Article No. 42 of Ministerial Resolution No. 909 of 2015, the criteria for benefiting from the Mazaya Program were defined as follows:

1. He must be of Bahraini nationality.

2. To be the head of the family.

3. The applicant's age, during the application period and until the disbursement of the financing amount, is not less than 21 years and no more than 35 years.

4. That the monthly income during the application period and until the disbursement of the financing amount be no less than BD 600 and not more than BD 1200.

5. That the applicant or a member of his family did not previously benefit from any housing service for the purpose of ownership, whether from the government or any other party.

6. That the applicant or a member of his family is a permanent resident of the Kingdom of Bahrain.

7. That the applicant or one of his family members does not own the property at the time of submitting the application and up to 3 years prior to the date of submission, and the exception is:

- Ownership of a property whose area is less than 100 square meters.

1.  The wife's ownership of a property is acquired by inheritance.

Funding mechanism

1- The program provides a maximum funding amount of up to 90,000 Bahraini dinars.

2- He pays 10% of the financing amount to the bank financed as a down payment.

3- The housing finance amount will be paid up to 25 years.

4- The property value must not exceed 120 thousand Bahraini dinars.

Required documents for applicant

1- Salary certificate from the employer.

2- Three months bank statement.

3- A copy of the smart card.

4- The credit report “Benefit”.

5- Documents clarifying all the existing bank deductions for the applicant.

Steps to apply for Mazaya program

1. Submit and accept the application.

2. The applicant selects the housing unit and the financing bank.

3. Obtaining initial approval from the bank and pricing of the unit.

4. Obtaining a qualification certificate from the Ministry of Housing.

5. Issue the allocation decision for the housing unit.

6. Obtaining final approval from the bank.

7. Issuing a finance certificate.

8. Disbursement of the financing amount from the financing bank.