Financial institution Bank Nizwa collaborated with its peer Oman Housing Bank (OHB), on Wednesday, to participate in OHB’s Iskan program.
This collaboration aims to accelerate the approval process for pending housing finance applications with OHB and the Ministry of Housing and Urban Planning, said the firm.
The Iskan program operates under the partnership of various local banks in the Sultanate and is designed to update the housing finance process for Omani citizens who are under the waiting list category of OHB and the Ministry of Housing and Urban Planning.
Under this program, eligible applicants can avail of housing finance, said Nizwa. The process involves online submission of the document, selection of the preferred banking partner, due diligence conducted by the bank, and the presentation of a conditional offer to the applicant, the firm added.
Bank Nizwa will be one among the four banks enlisted as finance partners to provide applicants with government-subsidized housing financing at competitive profit rates, the Al Khuwair, Sultanate of Oman-based bank said.
The project is strengthened by the Iskan electronic platform, the bank also said, which allows applicants to submit documentation digitally, and lets customers operate it anytime in their comfort, providing a time-saving avenue to initiate their home financing journey.
“We applaud Oman Housing Bank and the Ministry of Housing and Urban Planning for designing this strategic campaign that will not only help fulfil individuals’ homeownership aspirations but also gives them the choice to opt for finance from institutions that resonate with their lifestyles and beliefs,” said Khaled Al Kayed, Executive Chief at Bank Nizwa.
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