Any Omani and non-Omani (Resident & non-Resident) and between the ages of 18 – 60 who is employed in either the government sector or the private sector (the private sector company should be listed in the approved list of retail companies with Oman Arab Bank).
How much can I borrow?
The loan amount can reach up to 80% of the property value. However, the total amount of the loan depends on your salary. Please note that your monthly installment and debt burden ratio should not exceed 60% of your monthly salary.
What is the interest rate I pay?
The current interest rate of 7.5% per annum. However, you can always check with you branch for periodic offers.
What is the maximum repayment period?
Up to 25 years is the maximum prepayment period. However, customer’s age should not exceed 65 years at the time of final installment.
Can I increase my loan limit after availing the Al Dar housing loan?
This can be approved on case to case basis.
Do I need life insurance if I apply for Al Dar?
Yes. Life insurance is mandatory and will be arranged by the bank
Can I apply for a credit card if I already have Al Dar Housing Loan?
Yes. Now you might be eligible for a free credit card (no annual membership fee)
Do I need property insurance?
Yes. But you don’t need to worry about it as it will be arranged by the bank.
Can I apply for Al Dar Housing Loan to purchase a property in an ITC project?
Yes you can. The bank has already established arrangements with several ITC projects such as The Wave, Barr Al Jissah Residence etc…
How will the disbursement of my loan be in case I am constructing a property?
The disbursement will be according to the constructor’s periodic reports and invoice. However, a lump sum of the total amount of the loan will be disbursed in the case of purchasing a ready villa, apartment, etc…
