Sultanate of Oman
| Loan No: | 605 | Interest Rate: | 3 % |
| Beneficiary: | Oman Housing Bank (S.A.O.C) | Grace Period: | 4 years |
| Project Cost: | KD 50.0 million | Maturity: | 22 years |
| Amount of Loan: | KD 40.0 million | Repayment: | 37 semi-annual installments |
| Date of Board Approval: | - | First Installment: | 4 years following the first disbursement |
| Date of Loan Agreement: | 2014-04-08 | Date of Loan Effectiveness: | 2014-09-18 |
Objectives:
The program aims at meeting the needs of qualified low and middle-income citizens for adequate housing, which will enable them to improve their living conditions and social situation. This will be accomplished through the provision of concessional loans to those citizens for the purchase or construction of housing units.
Description:
The program, which is expected to be completed during the second quarter of 2017, consists of the provision of concessional loans by the Oman Housing Bank to qualified low and middle-income citizens for the purchase or construction of housing units. The amount of each loan cannot exceed 90% of the value of the housing unit, or 60 thousand Omani Riyals, whichever is lower, and the loan repayment period cannot exceed 25 years.
Financing:
The Arab Fund’s loan covers about 80% of the total program cost. The Omani Government will cover the remaining cost of the project and any additional cost that may arise.