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Bahrainis taking a step on the housing ladder have been given a major boost with the Crown Prince and Prime Minister announcing an exemption of real estate registration fees for beneficiaries from the ‘Tas’heel’ programme.
His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, directed the Housing and Urban Planning Ministry to bear the fees through banks that have financed the programme, and issue decisions and implement measures.
The directive follows the Cabinet’s approval of a memorandum submitted by the Ministerial Committee for Financial and Economic Affairs and Fiscal Balance regarding the development of housing services, during the weekly session chaired by HRH the Crown Prince and Prime Minister.
Housing and Urban Planning Minister Amna Al Romaihi said the ministry has already swung into action to implement HRH Prince Salman’s order.
Ms Al Romaihi noted that the ministry will work to allocate a budget for the cost of real estate registration fee as additional support for the programme’s beneficiaries within the financing limits and under terms and conditions.
“This decision will contribute to diversifying financing options for citizens from Eskan Bank or other financing banks participating in the programme, which maximises citizens’ benefit from the programme,” the minister added.
She affirmed that this step enhances the ministry’s efforts to develop innovative solutions that would accelerate the pace of providing housing services in partnership with the private sector.
Real estate agents welcomed the royal order and described it as a wise and blessed step that will further increase demand for housing finance programmes.
“This will help the beneficiaries use the two per cent registration fee of the property value for furnishing and purchasing electrical equipment,” they said.
“The move will also help increase the real estate trading ratio and boost attractiveness of the housing funds,” they added calling on banks to re-consider the borrowing policy, most notably the accrued banking profits.
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