MANAMA: Al Salam Bank-Bahrain (ASBB) has signed a memorandum of understanding (MoU) with Kingdom Projects to facilitate property financing solutions for customers wishing to buy luxury villas in the Janayin Al Hamala project.
The project also includes residential villas that fit the criteria of the Housing Ministry’s Mazaya programme (formerly known as Social Housing Financing Programme).
Phase 1 of the development includes 148 villas over a built up area 31,676 sqm – designed to meet the requirements of a modern Bahraini family.
Al Salam Bank-Bahrain first deputy chief executive Anwar Murad said: “We are pleased to sign this agreement which is in line with our commitment to facilitate our customers with modern and distinguished real estate development projects that are designed to suit their lifestyle and aspirations.
“The partnership between the two institutions will enable to provide financing to all Mazaya beneficiaries, which includes competitive profit rates, flexible financing terms, without a down payment on the amount subsidised by the government of Bahrain and they can also benefit from obtaining a top-up of the financing amount on their subsidised financing facilities.”
Customers who are not eligible for the Mazaya programme and who wish to purchase a villa in the Janayin Al Hamala project can also avail of the bank’s Sharia-compliant financing solutions.
The Janayin Al Hamala community will have approximately 1,000 affordable residential units on either side of the subdivision plus recreation parks in each locality.
The community is located in the heart of Hamala accessible through the Al Mazare’a Highway at the South end from Jasra or Hamad Town and in the North from Hamala Avenue.
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