National Bank of Oman NBO : Al Manzel Home Loans

Name of the Organization : National Bank of Oman
Type of Facility : Al Manzel Home Loans
Country: Oman

Website : http://www.nbo.co.om/tabid/104/Default.aspx

Al Manzel Home Loans :

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.

Related : National Bank of Oman Account Opening Procedure : www.statusin.org/6259.html

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

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

Customer Benefits:
** Longer repayment term – 25 years maximum
** No maximum amount cap
** Door step service & quick processing through dedicated Mortgage Sales Team and dedicated Mortgage Operation Unit
** Tied up with the most popular developers and real estate marketing agencies
** Joint loans allowed (first degree relatives)
** Life & Property Insurance at special rates
** No prepayment penalty if customer pays from own sources and funds
** No partial prepayment penalty
** Turnaround time for application from time of completing documents: 7 working days if all documents are in place.

Terms, Conditions & Legal Requirements :

Eligibility:
Loan entitlement:
Omanies, Monthly Salary R.O 300/- and above (Employer must be within NBO’s approved list of Companies

Age and Loan Tenor:
Max 25 years (Loan should mature at the age of 60)

Debt Burden Ration (DBR):
60% including life insurance premium

Interest Rate:
Contact nearest branch/call center on 80077077 for best deals

Loan To Value (LTV):
Up to 80% of Market Value

Fees and Charges:
Processing fees: R.O 50
Mortgage Creation Charges: 0.5% to be paid to Ministry of Housing by the customer.
Pre payment: 1% of outstanding loan amount if the loan is taken over by another bank

List of Documents Required for Applying for a Housing Loan:
General documents:
** Loan application form/loan documents
** Most recent salary certificate
** A copy of the ID card/ colored passport size photo
** Copy of approved drawing by the municipality
** Personal contribution amount (if any)
** Valuation report from the approved Bank valuers
** A copy of Mulkia and Kuroki
** Life insurance covering the loan amount and property insurance over the house favoring NBO

1. Loan payment (Buyout):
** Liability certificate for all bank loans in the applicants name
** Bank statement for the last 6 months (buy out loans)
** A copy of completion certificate

2. House purchase purpose:
** A copy of the passport or ID of the seller (valid)
** A copy of construction completion certificate
** The sale contract between the borrower and the seller

3. Land purchase purpose:
** A copy of the passport or ID of the seller (valid)
** The sale contract between the borrower and the seller

4. Purpose of maintenance and expansion:
** Copy of completion certificate
** A copy of Mulkia and Kuroki in the name of the borrower
** Quotation from the contractor
** A letter from the consultant confirmation the technical supervision on the construction
** A certificate from the consultant office confirming the safety of the building in case of vertical expansion and that it has been constructed as per construction plans and the proven technical procedures
** The construction agreement endorsed by the Contractor, the Consultant and the Borrower

5. Construction purpose:
** Quotation from the contractor
** A letter from the consultant confirming the technical supervision on the construction
** A copy of the landmarks delivery form Ministry of Housing.
** The construction agreement endorsed by the Contractor, the Consultant and the borrower