AL MANZEL HOME LOANS

Purchasing your first home has never been easier. You can now be a proud homeowner with National Bank of Oman’s Al Manzel Home Loans. Our loans are available for residential end-use. Approved home loans can be used to finance the purchase of your new home, build your dream home from the ground up, refurbish an old property or buyout and refinance a property. At National Bank of Oman, not only do we make the dream home of your choice a possibility, our unbeatable benefits offered have made us the leading home loan provider in Oman.

Al Manzel Home Loans cover:
  • Purchase of residential plots.
  • Purchase of ready residential properties.
  • Construction or maintenance of residential properties.
  • Buyout of housing loans from other banks or employers.
  • Purchase of properties within bank-approved integrated tourism projects and developments.

 

​* Terms and conditions apply.​


  • Tie-ups with leading developers and real estate marketing agencies.
  • Longer repayment terms (up to 25 years).
  • Doorstep service and easy processing through our dedicated Mortgage Direct Sales team and dedicated operations unit.
  • Possibility of joint loans with first-degree relatives.
  • Life and property insurance at special rates.
  • No pre-payment penalty applies if you pay from your funds and sources.

​At National Bank of Oman, we believe that banking should be made simple for everyone. The National Bank of Oman Al Manzel Home Loan is open to all Omani nationals with a monthly salary of OMR 300 and above (employers must be on National Bank of Oman’s approved list of companies).

To complete the home loan process, please visit a National Bank of Oman branch near you, with the below documents and the rest will be taken care of by your Relationship Manager at the bank:

General documents
  • Loan application form/loan documents.
  • Most recent salary certificate.
  • Copy of ID card.
  • Colour passport photo.
  • Copy of approved drawing from the municipality.
  • Personal contribution amount (if any).
  • Valuation report from bank approved valuators.
  • Copies of Mulkia and Kuroki.
  • Life insurance covering the loan amount and property insurance naming National Bank of Oman as the beneficiary.
1. Loan payment (buyout)
  • Liability certificate for all bank loans in the applicant’s name.
  • Six month bank statement.
  • Copy of completion certificate.
2. House purchase 
  • Copy of a valid passport or ID of the seller.
  • Copy of the construction completion certificate.
  • Sale contract between the borrower and the seller.
3. Land pur​chase 
  • Copy of valid passport or ID of the seller.
  • Sale contract between the borrower and the seller.
4. Maintenance and expansion
  • Copy of completion certificate.
  • Copies of Mulkia and Kuroki in the name of the borrower.
  • Quotation from the contractor.
  • Letter from the consultant confirming technical supervision of the construction.
  • Certificate from the consultant’s office confirming the safety of the building, in case of vertical expansion, and confirmation of construction as per construction plans and proven technical procedures.
  • Construction agreement endorsed by the contractor, consultant and borrower.
5. Construction 
  • Quotation from the contractor.
  • Letter from the consultant confirming the technical supervision of the construction.
  • Copy of the landmark’s delivery form Ministry of Housing.
  • Construction agreement endorsed by the contractor, consultant and borrower.

Loan entitlement
  • Omani nationals with a monthly salary of OMR 300 and above (employers must be on National Bank of Oman’s approved list of companies).
Age and loan tenure
  • Maximum of 25 years (loan should mature by the age of 60).
Debt Burden Ratio (DBR)
  •  60% including life insurance premium.
Interest Rate
  • Please contact your nearest branch or the call center on 80077077 for details. 
Loan to Value (LTV)
  • Up to 80% of market value.
Fees and charges
  • Processing fees - OMR 50.
  • Mortgage creation charges - 0.5% to be paid to the Ministry of Housing by the customer.
  • ​Prepayment - 1% of outstanding loan amount if the loan is taken over by another bank.

1. What are the minimum and maximum ages for the application of a home loan?

​We offer home loans to customers between 21 and 55 years of age.​​


2. How much money can I borrow?

​This is subject to your monthly salary/income and can be a maximum of 60% of the Debt Burden Ratio.​​


3. What interest rate will I pay?

It depends on your income and the time you apply for the loan. Contact our call center (800 77077) for information on our current interest rate offering. 


4. Do I receive any special benefits?

You automatically receive a host of free benefits:
  • Internationally accepted Electron ATM/debit card.
  • Access to 65 National Bank of Oman branches.
  • 24-hour telephone banking.
  • Access to over 169 ATMs and CDMs across Oman.
  • A pre-approved credit card.


5. How long do I have to repay my loan?

We offer a repayment period of up to 25 years based on your choice, eligibility and ease of repayment.


6. What is the minimum income required to qualify for a housing loan?

OMR 300 per month for Omani salaried customers.[F1]


7. What documents are required?

  • ID copy (for all Omani nationals).
  • Salary assignment letter.
  • Recent salary certificate.
  • Valid property valuation from bank approved property valuators.
  • Six months bank statement (for buyout loans)
  • Outstanding letter and Exhibit 1 (for buyout loans)
  • One passport photograph


8. Can I increase my loan limit after availing the personal loan?

Yes.


9. Can I request for a waiver of installment?

No, waivers are not offered in housing loans.


10. Can I prepay the loan before the maturity?

Yes, you can prepay your loan anytime. The bank will not charge you anything if the loan is prepaid from your funds, but there will be a 1% charge on the prepaid amount if the loan is taken over by another bank.​​


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