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FAQ

FAQ

Loan
 
It is (25) years including the grace period.
It is calculated based on the fixed total monthly income and retirement age in addition to any other financial obligations.
The bank grants joint loans for the husband & wife only. It is not a considered as joint loan.
No , borrower is entitled to avail only one subsidy loan from the bank during his life span.
Yes, you can but under the condition that the building has to accommodate another floor as per the approved constructions maps.
Yes, you can after making a detailed study to financial position of the company, along with warranties for re-paying accepted by the bank.
Yes, you can after carrying out detailed study of your income along with warranties accepted by the bank.
Yes, you can but with service bank of (10%).
It is not possible, because the bank settles the current loan for residential loan only.
Yes, the retired citizen is eligible to avail a subsidized loan in case he meets all terms & conditions lending rules
Yes, the retired can obtain supported loan but after knowing the reasons for retirement and ensure that he doesn’t suffer from any disability or disease leads to retirement and must fulfill the conditions of lending.
Yes, you can transfer loan application from one branch to another.
Yes, you can transfer the mortgage on condition that the rate of existing loan not increasing (90%) of the Real estate warranties.
Yes, the financed house can be sold and utilized its money in buying or constructing another house as the applied instruction of the bank.
Yes, the bank can grant them after studying her social position.
Yes, if the building can bear another floor after studying the constructional drawings and obtaining a letter from the consultant confirming the above.
Yes you can on condition that to obtain the other partner acceptance and to sign the mortgage contract.
No they cannot, as the joint loan is granted to the husband or wife only. However, brothers may be granted loans separately for (purchase/construction) of a residential building on condition that each one should have an independent housing unit.
There is no additional banking and admin charges applied to the loan. There is 1% fee on the balance amount which is paid in case of early repayment of the loan.
Yes, Transfer fee for transferring the loan application between the branches, is R.O.10/- irrespective of at what stage loan or loan application is transferred.
Employees of small establishments, professionals, overseas employees and those who work for companies having contracts with PDO are required to introduce a guarantor on submission of the application. However, other categories are not required to introduce a guarantor.
The interest rate depends on the monthly income and it is not determined by the borrower’s employer
Yes, however the bank finances the residential building only and the loan applicant should bear the cost of the commercial part of the building.
On the death of the borrower the loan balance is paid by the insurance company.
When the borrower resigns from his employer in Oman and joins another employer overseas, he will be required to introduce a guarantor for the loan, who should undertake to pay the loan installment and sign the documents of the mortgage contract together with the borrower’s undertaking to transfer the loan installment as per post dated cheques.
In general, the bank’s system does not allow grant of a housing loan to anyone who has no fixed monthly income.
Yes, it is possible 50% of the loan amount can be used to buy a land and the rest can be used for construction.

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