Oman Housing Bank Launches Iskan Programme worth RO 1.9 billion

Oman Housing Bank (OHB) Launches Iskan Programme

Muscat: Acting in cooperation with the Ministry of Finance, Oman Housing Bank (OHB) launched a new programme codenamed “Iskan”, which seeks to accelerate financing for applicants on waiting list at the bank and the Ministry of Housing and Urban Planning.

The launch ceremony was held at the Al Bustan Palace Hotel held under the auspices of Sultan Salim Al Habsi, Minister of Finance. It was attended by OHB Chairman and board members, CEOs of local banks, experts and specialists in economic affairs and the local press.

Zahir Marhoon Al Abri, Director General of Treasury and Accounts at the Ministry of Finance, said that the programme would lend fiscal support to more than 60,000 families over the next five years.

Iskan programme provides a lending portfolio worth RO 1.9 billion over the next five years, said Al Abri, noting that the programme combines the contributions of local banks through a banking conglomerate aimed to furnish the required financial liquidity that ensures its success.

Musa Masoud Al Jadidi, CEO of Oman Housing Bank, through a visual presentation, indicated that the maximum financing sum stands at RO 60,000 per eligible citizen. This is in addition to RO 80,000 for each citizen wishing to purchase residential units at Sultan Haitham City and integrated city projects undertaken by the Ministry of Housing and Urban Planning, he added. Al Jadidi pointed out that the interest rate on loans was determined by ratio of salary: 1 percent interest rate is paid by those who draw a salary of less than RO 401, 3 percent is paid by recipients of RO 401 to RO 1,000 and 4 percent by those who receive more than RO 1,000.   – ONA