Any Omani person who is between the ages of 18 – 60 and is employed in either the Government sector or the private sector (the private sector company should be listed in the approved list of companies with Oman Arab Bank).
How much can I borrow?
You can borrow up to 60 times of your 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?
180 months is the maximum period to repay the loan.
Do I need mortgage on property?
Yes. It is necessary to provide the bank with a mortgage on property to avail Al Madhmoon loan.
Do I need life insurance if I apply for Al Madhmoon?
Yes. Life insurance is mandatory and will be arranged by the bank.
What type/mortgage of property can I provide to the bank?
Any type of property is accepted by Oman Arab Bank, be it a piece of land, owned villa, owned apartment, etc…
What value should my property be?
This depends on the amount of loan required. In general, the value of the property mortgaged should not fall below the loan borrowed.
