As the leading home loan provider in Oman, we at NBO constantly strive to give you the best. Our Al Manzel Home Loans offer unbeatable benefits to ensure that you get the best deal without any hassles.

Housing loans provided to customers according to their eligibility for financing their purchase, constructions, maintenance, or buy out and refinance of properties. The loans are given for residential end use.

Competences:
o Winner of the Best Mortgage Product Award - The Banker Middle East Product Award 2008
o Designed to cater Quick-n-Easy housing loans at a place and time convenient to the customer
o Dedicated Mortgage Direct Sales Team and Operations Unit
o Higher eligibility housing loans comparing to competitors.
o Tied up with the most popular developers and real estate marketing agencies

Type of Loans:
o Purchase of residential plot.
o Purchase of residential ready property.
o Construction or maintenance of residential property.
o Buy out of housing loans from other banks or employers
o Purchase of properties within the Bank approved Integrated Tourism Projects and Developments

Customer Benefits:
o Higher loan eligibilities
o Longer repayment term - 30 years maximum
o High salary multiples and no maximum amount cap
o Door step service & quick processing through dedicated Mortgage Sales Team and dedicated Mortgage Operation Unit
o Joint loans allowed (first degree relatives)
o Life & Property Insurance at special rates
o No prepayment penalty if customer pays from own sources and funds
o No partial prepayment  penalty
o Unique flexibility in repayment with no principal repayment of up to 5 years. (optional)
o Redraw facility where a customer can redraw any excess principal repayment made during the tenure of the loan at no extra cost. (Subject to Debt Burden Ratio as per home loan product )
o Pre-approved Credit card
o Turnaround time for application from time of completing documents: 7 working days if all documents are in place.

Terms, Conditions and other Legal Requirements

Loan entitlement: Omanies, Salaried – Monthly Ro. 300/- and above (Employer must be within NBO's approved list of Companies)

Age and Loan Tenor: Max 30 years (Loan should mature at the age of 60)

Debt Burden Ration (DBR):
o 70%  including life insurance premium
o In the case of Personal Loan with the Housing Loan, customer’s total exposure (Housing Loan + Personal Loan) should not exceed 70%, inclusive of the housing loan’s life insurance.

Interest Rate:
o 7.75% Variable. (Revised every 6 months)
o 8% Fixed. (Revised every 3 years)

Loan To Value (LTV):
o Up to 80% of Market Value or 90 multiples of salaries whichever is lower

Fees and Charges:
o Processing fees:  1% of the total loan amount including life insurance amount, deducted from the loan amount
o Mortgage Creation Charges: 0.5% to be paid to Ministry of Housing by the customer
o Interest rate change: 1% of outstanding loan amount if the customer wants to change from fixed to variable rate before completing the 3 years.
o Pre payment: 1% of outstanding loan amount if the loan is taken over by another bank.

Frequently Asked Questions:

What’s the minimum and maximum age?
21 and 55.

How much can I borrow?
Subject to your monthly salary / income and other credit obligations, it can be up to 90 times of your salary.

What is the interest rate I pay?
7.75% p.a. variable interest rate- revisable every 6 months
8% p.a. fixed interest rate- revisable every 3 years

Do I get any special benefits?
You automatically get a host of free benefits:
- Electron ATM / debit card - accepted worldwide
- Access to 52 branches open from 8.00 am to 2.00 pm
- 24 hour telephone banking
- Access to over 125 ATMs across the Oman
- Pre-approved Credit Card.

How long do I have to repay my loan?
Upto 30 years repayment period depending on your choice, eligibility and ease of repayment. You can also use our redraw and moratorium facilities.

What is the minimum income required to get a Housing Loan?
RO 300 per month for Omani salaried customers

What documents are required?
- ID Copy (For Omani Males & Females)
- Passport Copy (For Expatriates)
- Labor Card Copy (For Expatriates)
- Salary Assignment Letter
- Recent Salary Certificate
- Valid property valuation from bank approved property valuers
- Last 6 months bank statement (For Buy out Loans)
- Outstanding Letter & Exhibit 1 (For Buy out Loans)
- 1 Photograph

Answers for an existing customer:

Can I increase my loan limit after availing the personal loan?
Yes, we can provide you a top-up facility, subject to regular payment behavior, and property valuation

Can I request for a waiver of Installment?
No waivers are offered in Housing Loans

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 pre paid from your funds, but there will be a 1% charge on the prepaid amount if the loan is taken over by other bank.

If you require a housing loan and fulfill the above criteria, then rush to  your nearest NBO branch or submit your Name and Telephone number below and our Sales Person will contact you very soon. AT YOUR DOORSTEP!