THE Housing Ministry has launched a new finance option for citizens.
Applications for this new option will open on Wednesday coinciding with the start of the Innovation Summit in Social Housing 2025.
The event is being held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, at Exhibition World Bahrain from April 23 to 25.
The new financing option, ‘Tas’heel+’, is part of the executive plan to implement the directives of His Majesty King Hamad to accelerate housing projects and provide 50,000 new units.
It will be executed in collaboration with participating banks in the government’s housing finance programme.
Housing and Urban Planning Minister Amna Al Romaihi emphasised yesterday that ‘Tas’heel+’ falls within the ministry’s and Eskan Bank’s strategy to expand financing options for citizens.
The new programme offers various benefits for those seeking immediate housing finance, with a maximum funding limit of BD91,000. Citizens with a monthly income between BD600 and BD1,200 are eligible, and financing amounts will be calculated based on the applicant’s income at the time of application.
The programme covers those who want to purchase a unit, an apartment or a residential plot as well as buying and building on a plot.
This diversification aims to meet different housing needs, in line with the ministry’s approach across its financing programmes.
Citizens must submit their requests via the dedicated e-service on the national portal (bahrain.bh), after which they can co-ordinate with one of the participating banks to proceed with the financing, the minister said.
Banks will provide full details on the financing plan and repayment methods.
The repayment mechanism includes two options. The first, with a maximum financing amount of BD81,000, begins with a 20 per cent income deduction for the first five years, increasing to 25pc after five years, and up to 30pc after 10 years – with repayment extending more than 30 years.
Deductions will be based on income at the time of application and will not be adjusted with salary changes.
The second, with a maximum financing amount of BD91,000, follows similar terms but starts with a 25pc deduction, increasing to 30pc after five years and 35pc after 10 years.
Citizens can choose the most suitable options, and full repayment schedules will be provided before fund disbursement.
Participating banks include National Bank of Bahrain (NBB), Bank of Bahrain and Kuwait (BBK), Al Salam Bank, Bahrain Islamic Bank (BisB), Khaleeji Commercial Bank (KHCB), Al Baraka Bank (AIB) and Ahli United Bank (AUB).
These banks will provide the financing, while the ministry will cover government support payments directly to the banks, including the difference between actual instalments and the amount paid by citizens.
Ms Al Romaihi highlighted that the ministry, in collaboration with Eskan Bank, will offer full support to citizens opting for ‘Tas’heel+’, including a financing calculator on the national portal (bahrain.bh) and remote financial advisory services through the ministry’s website (www.housing.gov.bh).
She described ‘Tas’heel+’ as a qualitative addition to the ministry’s financing options, developed in partnership with the private sector to provide innovative and immediate housing solutions.
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