The government of Bahrain has been focusing its efforts for a while now on expanding its social housing stock to provide the low-income citizens of Bahrain with affordable housing.
Accordingly, the Ministry of Housing alongside Kuwait Finance House-Bahrain have launched Mazaya program – social housing finance scheme – in collaboration with the private sector.
The program’s main aim is to assist those on social housing waiting list to get financed by a financial institute as well as to obtain a governmental financial support to purchase a housing unit.
Here is all you need to know about Mazaya program,
- Eligibility Criteria
First of all; you need to be a Bahraini citizen to be eligible to benefit from the Ministry’s Mazaya program.
Second, the applicant must be between the age of 21 and 35 with a monthly income that is not less than 600 BD and not more than 1200 BD.
Third, the beneficiary, by all means, should be a permanent resident in the Kingdom of Bahrain.
The program offers a luring list of advantages to all its beneficiaries,
1- The program gives you the right to immediately purchase a unit with no need to stay on the waiting list.
2- Beneficiaries are allowed to purchase units from any housing project that is approved by the ministry and not restricted to the ministry’s projects.
3- You are allowed to get a mortgage loan from banks that participated in the program.
4- You will only pay 25% of your monthly income as a mortgage instalment where the government will pay the reaming amount per month.
- Terms and Conditions
This here is divided into two parts,
1- Maximum loan amount
A maximum loan of 90,000 BD is the amount you are allowed to get.
However, you will be required to pay 10% of the amount as a down payment to the bank.
2- Maximum allowable house price
You are allowed to buy any type of property given its selling price doesn’t exceed 120,000 BHD.
And given that banks only loan you 90,000 BHD – in the case of buying a 120,000 worth property – applicants will be obliged to pay the difference.
3- Property status
Mazaya program beneficiaries are only allowed to purchase recently constructed units, whereas under construction units won’t be considered.
- Participant developers
A number of renowned and accredited real estate developers are among the participant developers by which buyers are allowed to purchase any of the properties registered in the program.
2- Eskan Properties
3- Al Namal Group
4- Manara Developments
5- Diyar Al Muharraq,
- Participant Financial Institutions
1- Albaraka Bank
2- Bahrain Islamic Bank
3- Ahli United Bank
4- Al Salam Bank
5- Ithmaar Bank
6- Khaleeji Commercial Bank
7- Kuwait Finance House
8- Bank of Bahrain and Kuwait
Beneficiaries will be required to submit the following documents to the Ministry of Housing
1- Salary Sheet
2- Three-month bank statement
3- A copy of the smart ID card
4- A detailed credit report of any of beneficiary’s existing car loans, credit cards..etc
- Private Sector Social Housing Projects
There are many luxurious real estate projects by private developers that are under the public-private partnership (PPP) model.
These residential projects are committed to providing the citizens of Bahrain with their ideal housing.
Following the highest standards, these multi-purpose projects have all that residents need from shopping malls, entertaining facilities, cafés and more.
Here is a glimpse of some of the high-end projects included in Mazaya program,
1- Al Ramli project
2- Deerat Aloyoun
3- Wadi Al Riffa project
5- Danaat Al Lawzi