Financing Features

Home Financing Product features

Purpose	Purchase of ready or under-construction property Self-construction or expansion or renovation of existing properties Conversion of existing conventional finance to Muzn Islamic Finance
Maximum Tenor	25 years for Omani Nationals
Salary Multiple	More than 100 times of salary (approx.) subject to fulfilling the eligiblity conditions
Finance to Value	80% of the property valuefor purchase of property 80% of the total property value for self-construction 100% of the construction cost, if the consumer already owns the land, subject to the finance being within 80% of the property value.
Debt Burden	The sum of all installments being paid not to exceed 60% of the net salary
Life Insurance	Monthly premium, to be borne by the customer.

List of Documents Required for Applying for a Home Financing

General documents

Financing Application Form/Financing 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 financing amount and property insurance over the house favoring Muzn

Financing payment (Buyout)

House purchase purpose

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 construtin plans and the proven technical procedures
The construction agreement endorsed by the Contractor, the Consultant and the borrower

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

Purpose	Financing in accordance with Shari'a Product based on the Shari'a permissible concept of Murahaba Financing available for new cars only
Features	Maximum facility amount OMR 35,000 for Omani Nationals Maximum facitlity amount OMR 25,000 for Expatriates Maximum tenure of 7 years for Omani Nationals and 5 years for Expatriates Minimum tenure of one year Available to people aged 18 to 60 Car insurance/Takaful facility on attractive rates
Debt Burden	The sum of all installments being paid not to exceed 60% of the net salary
Life Insurance	Monthly premium, to be borne by the customer.

List of Documents Required for Applying for a Auto Financing

General Documents