Second phase of social housing financing scheme launched

Manama, . (BNA)– Housing Minister Bassim bin Yaqoob Al Hamar announced the launch of the second phase of social housing financing scheme, targeting citizens who have an income of BD700 and more, pointing out that the number of eligible applications in the first phase and those who were contacted by the Ministry reached 500 requests.

Manama, . (BNA)– Housing Minister Bassim bin Yaqoob Al Hamar announced the launch of the second phase of social housing financing scheme, targeting citizens who have an income of BD700 and more, pointing out that the number of eligible applications in the first phase and those who were contacted by the Ministry reached 500 requests.

The Minister added that the second phase of the project allows applicants on the waiting list for housing plots and flats to apply for this project as well as the applicants for residential units, which provides the opportunity for more housing applicant citizens to benefit from this project.

Applicants must be under the age of 35 at the moment of buying their housing units with an exception for applicants under 45 year old.

The Minister said that social housing financing scheme had received great demand during the first phase from the applicants on the waiting list between the years of 2001- 2014, adding that the demand was good in light of the citizens’ need for time limit to search for a housing unit according to the specifications and standards of the Ministry of Housing and complete the required procedures.

He said that the project is still in the pilot phase, which includes 1200 beneficiaries, noting that the Ministry’s periodic evaluation criteria for the project seeks to upgrade the standards since the inauguration last year by the Deputy Prime Minister Shaikh Khalid bin Abdulla Al Khalifa.

The Minister reiterated that this project is one of the pioneering projects in the region in terms of providing long-term sustainability foundations for housing, referring to the Ministry’s keenness of adopting ideas and initiatives that contribute to the provision of housing services through diverse partnership programmes with the private sector to give eligible applicants the option to move off the housing waiting list.

The Minister mentioned the positive economic effects which is expected to be achieved by this project in the long run, stressing that the project embodies the economic integration between the public and the private sectors, encourages real estate developers to expand their housing activity which is in favor of the Bahraini citizens and contributes to the promotion of economic development concepts adopted by the Economic Vision 2030 regarding the partnership with the private sector.

The Minister called on those who are interested to call Ministry of Housing call Centre at 80008001 for further information and get an appointment to come to the Ministry and submit their application.

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