In a significant move to enhance access to property investment in Oman, Sohar International has introduced a new housing finance initiative. This development aims to unlock opportunities for prospective homeowners and investors, particularly in the country’s evolving real estate market. Offering loans of up to $649,000, the new financing options are designed to boost the Oman real estate sector and foster growth within the region.
Sohar International’s latest housing finance product caters to both GCC nationals and expatriates, including those residing outside of Oman. Individuals interested in purchasing or investing in properties within Integrated Tourism Complexes (ITCs) can now take advantage of this innovative offering.
Borrowers can secure financing covering up to 50% of the property’s value, applicable to both completed and under-development units affiliated with Ministry-approved ITC projects. This flexible approach opens doors for a wide array of potential buyers in the Oman real estate market.
Flexible Financing Solutions
Emphasizing affordability and adaptability, Sohar International’s new initiative allows financing of up to OR250,000 ($649,000) over a term of up to 10 years. For properties still under construction, applicants will enjoy an 18-month grace period, providing ample time before repayment begins.
Furthermore, customers can choose between conventional financing and Shariah-compliant Islamic options, adding to the appeal of the program. As an added benefit, clients have access to a complimentary credit card facility of up to $10,000 to assist during the construction phase of their property.
Commitment to National Development
Abdulwahid Mohamed Al Murshidi, CEO of Sohar International, commented on the significance of this launch: “This product reflects our ongoing commitment to supporting both residents and investors by making home financing in Oman more accessible and affordable.” He highlighted that the initiative aligns with Oman Vision 2040, which aims to promote economic diversification and sustainable growth.
Al Murshidi stated, “By enabling more individuals to invest in housing and real estate, we are contributing to national development and helping drive long-term economic prosperity for the Sultanate.” This forward-thinking initiative underscores Sohar International’s dedication to fostering financial inclusion and strengthening the Oman real estate sector.
The introduction of this housing finance product not only expands Sohar International’s portfolio but also complements the broader economic objectives of Oman. By supporting the real estate market, the bank is taking an important step in contributing to the country’s sustainability and diversification goals as outlined in Vision 2040.