The recent launch of a housing finance product by Sohar International marks a significant boost in Oman’s real estate sector. With loans available up to $649,000, the initiative aims to make property ownership and investment more attainable for both citizens and expatriates. This new offering aligns with Oman’s Vision 2040, reinforcing the country’s commitment to economic diversification and sustainable growth while enhancing accessibility to real estate financing.
Sohar International has introduced a new housing finance solution tailored to simplify property ownership in Oman, particularly for those looking to invest in Integrated Tourism Complexes (ITCs). This product is designed for GCC nationals and expatriates, whether they are residents or non-residents, seeking opportunities in the burgeoning real estate market.
Customers can secure financing of up to 50% of the property’s value, with options available for both completed and off-plan units in Ministry-approved ITC projects. This initiative is a crucial development in Oman’s real estate landscape, as it empowers more individuals to participate in the market.
Affordable Financing Options
The housing finance product emphasizes affordability and flexibility, offering loans up to OR250,000 (equivalent to $649,000) with repayment terms extending up to ten years. This makes the prospect of purchasing property much more feasible for many potential buyers in Oman.
For properties still under construction, applicants can enjoy a grace period of 18 months before beginning repayment, allowing for additional financial flexibility during the investment process. Furthermore, customers have the option to choose between conventional financing or Shariah-compliant Islamic finance, catering to diverse customer preferences.
In addition to the primary financing, Sohar International also offers a complementary credit card facility with limits of up to $10,000 during the construction phase, further enhancing the financial support available to potential homeowners.
Commitment to Economic Development
Abdulwahid Mohamed Al Murshidi, CEO of Sohar International, emphasized the importance of this product in making home financing in Oman more accessible. He stated, “This product reflects our ongoing commitment to supporting both residents and investors by making home financing in Oman more accessible and affordable.”
He added, “We are here to facilitate and empower customers, ensuring they can invest with confidence in the country’s dynamic real estate sector. Importantly, this initiative is also in line with Oman Vision 2040, which emphasizes economic diversification, sustainable growth, and an attractive investment climate.”
This initiative is seen as an important step in supporting national development and fostering an environment conducive to long-term economic prosperity for the Sultanate. It strengthens Sohar International’s overall housing finance portfolio and aligns with its broader objectives of enhancing financial inclusion while promoting the real estate market in Oman.
As the launch of this housing finance product unfolds, it is poised to play a vital role in the dynamism of Oman’s real estate sector, offering new pathways for ownership and investment opportunities that contribute to a robust economic future.