Manama, Apr. 16 (BNA): As part of the executive plan to implement the directives of His Majesty King Hamad bin Isa Al Khalifa to accelerate housing projects and provide 50,000 new units, the Ministry of Housing and Urban Planning has launched the new financing option "Tas’heel+" in collaboration with participating banks in the government’s housing finance programme.

Applications for this new option will open on Wednesday, April 23, coinciding with the opening of the Innovation Summit in Social Housing 2025, held under the patronage of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, at Exhibition World Bahrain from April 23 to 25.

Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning emphasised 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 BHD 91,000. Citizens with a monthly income between BHD 600 and BHD 1,200 are eligible, and financing amounts will be calculated based on the applicant’s income at the time of application.

The programme covers several housing purposes, including purchasing a unit, apartment, or 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 overall approach across its financing programmes.

Explaining the application process, the minister noted that citizens must submit their requests via the dedicated e-service on the national portal (bahrain.bh), after which they can coordinate with one of the participating banks to proceed with the financing. Banks will provide full details on the financing plan and repayment methods.

The repayment mechanism includes two tracks. The first, with a maximum financing amount of BHD 81,000, begins with a 20% income deduction for the first five years, increasing to 25% after five years, and up to 30% after ten years, with repayment extending over 30 years. Deductions will be based on income at the time of application and will not be adjusted with salary changes.

The second track, with a maximum financing amount of BHD 91,000, follows similar terms but starts with a 25% deduction, increasing to 30% after five years and 35% after ten years. The citizen can choose the most suitable track, and full repayment schedules will be provided before fund disbursement.

Participating banks include the 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.

The minister 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 concluded by describing "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.

H.K, H.F