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Housing and Urban Planning Minister Amna Al Romaihi issued a decision amending the housing finance services regulation. The amendment stipulates that the age of the applicant for housing finance services must not be under 21 at the time of application and disbursement of the loan by the financing bank.
The maximum age is set at 35 for Mazaya programme and 40 for Tas’heel+ programme. However, the maximum eligibility age may be extended according to criteria determined by the financing system. The financing bank shall determine the maximum eligibility age to benefit from other housing finance programmes provided that this age does not exceed 50.
The decision, published in the Official Gazette, also stipulates that the income of eligible beneficiaries must not be less than BD600 or more than BD1,200 at the time of application and loan disbursement for Mazaya and Tas’heel+ programmes. For other housing finance programmes, the applicant’s income must not be less than BD320 or exceed BD1,200.
Chairman of the parliamentary probe panel, assigned with assessing the effectiveness of the housing plans and programmes provided by the Housing and Urban Planning Ministry, MP Mohammed Al Balushi revealed that the committee is currently finalising its concluding report.
A copy of the report, which will include key findings and recommendations, is scheduled to be sent to the committee members by the end of this week for review before approval, he said, affirming that the final report will be submitted to Parliament on April 28.
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