Oman Housing Bank approves 630 loans worth RO26.8mn

September 04, 2019

Oman Housing Bank (OHB) on Tuesday said that it has approved 630 loans, supported by the government, totalling more than RO26.8mn in the first half of the current year.

Adnan Haider Darwish, general manager of OHB, assured consumers that the bank will continue to play its leading role in the development of the housing sector in the sultanate.

He said that OHB is currently focussing more on enhancing its efforts to reduce the waiting period for a potential borrower through viable solutions.

Giving details of its steps, the bank said it has recently signed RO75.6mn agreement with the Arab Fund for Economic and Social Development. It has also signed a joint cooperation agreement with the National Bank of Oman (NBO) in the field of providing finance to citizens willing to buy or build a house, through their ‘Home’ programme for housing finance.

Giving the details of loans approved by it, the bank said that it has approved 92 loans having a total value of around RO3.4mn with 1 per cent banking and administrative fee. Similarly 415 loans, highest percentage of approved loans, with a total value of around RO17.4mn were disbursed with 2 per cent banking and administrative fee.

With 3 per cent banking and administrative fee, 89 loans valued at RO4.3mn were approved. While remaining 34 loans valued at RO1.76mn were approved with 4 per cent banking and administrative fee.

OHB was established in 1977 with the aim of supporting the housing and reconstruction activities to achieve economic development in the sultanate through providing loans and banking facilities to individuals.