Frequently Asked Questions

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%).

The bank does not settle personal loans. However, the customer may still benefit from the housing loan, subject to the applicable conditions.

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.

Yes, he can settle all the loan balance during the settlement period and accordingly there will be no consideration for the bank administration and service fees. He will only pay the loan amount.

Yes, he can.

It will be settled in case of death or complete disability.

Upon the death of the borrower, his relatives are required to submit death certificate together with report from the Hospital citing the cause of death.

This will be done wholly or partly as per the damage caused by Fire earthquake or deviations, the bank must be informed in written, along with enclosing the report prepared by R.O.P + copy of ID.

Yes , it is possible.

In case the lender sends to retirement, the civil service Employees pension Fund will transfer ¼ of the pension salary to his loan account at the bank, if ¼ of the salary not enough to cover the monthly loan installment, the lender has to pay the monthly installment difference for the period specifies by the bank and as per the followed procedures, to provide guarantor undertakes to transfer the installment differences for his work place or deposit amount of money in the saving account for specific period, representing the differences in the installments deduction will be on monthly bases, supported before expired or submitting post paid cheque carrying the installment differences for specific period allotted by the bank.

The imposed delay Fine is 7% regarding subsidized and non-subsidized loans, and these percentages are factor of change according to the oman central bank.

If approved that the delay caused by the employer ,no fine will be imposed.

Yes, on condition that he submits an application supported by copy of ID and paying R.O 2/ as fees.

Yes , it is possible after paying the required fees according to number of years needed.

A – copy of ID. · Filling the opening saving account form and given sample of signature. · Depositing minimum amount of R,O 5/ in the account name.

Yes, it is possible

Yes, according to power of Attorney.

Yes, it possible on condition that he must present himself personally of through legal authorization.

Yes, it is possible but there is no promotional gifts for them.

Currently the rate of interest is 1% the interest is recorded at the end of June & December of each year.

The saving account will be change from moving to non moving account in case no money is deposited in the account for one complete year and its balance was in the limit of R.O ( 50/) or less on wards commission of R.O (1) will be deducted for every three months, if the balance is less than the commission, the balance what so ever be and them the account will be closed. No, interest registration or statement of account will be sent to the owners of these accounts if the account is registered as non moving.

Yes, it is possible to this transaction.

There is NO, current accounts.

In the beginning of each year.

Only R.O (1).

In case of closing the saving account after one year of the date of opening the saving account, no fees will be paid . Incase of closing saving account before one year passes from the date of opening the saving account, fees of R.O (1) will be imposed .

In case of closing the account after one year there will be no charges

In case of closing the account before one year there will R.O.1,000 charge.

There will be no charges when saving account statement is required.

The rate of interest will be limited according to the market price.

For individuals

•  Filling the Form of placing a deposit ,enclose copy of ID.
•  The bank will issue certificate indicating the deposited amount, period of the deposit and the rate of interest.

For Companies

•  Submitting a copy of the C.R, computer print out, Membership certificate in Oman Chamber of Commerce & Industry, sample of signature for the authorized person
•  Filling Form for placing a deposit a. The bank will issue a certificate including the deposit amount, period of deposit and the rate of interest.

Yes, there is minimum level for the deposit.

Yes, he can do.

Yes, but only after you fulfill the registration conditions.

Submission of the following documents:

• Contractor’s Registration Application Form.
• OCCI membership certificate.
• Commercial registration certificate.
• Computer printout.
• Copies of the staff labour cards.
• Copies of invoices for purchase of equipments.
• Copies of construction agreements for certain projects executed by the contractor.
• Specimen signature form issued by the Ministry of Commerce and Industry.
• Copy of the engineer’s qualification (if any)
• Copy of the ID. Card of the proprietor.
• Tender Board registration certificate (1st grade contractors only)
• The foreman or (engineer) should appear for the test.

The value of the project is determined according to the grade under which the establishment/company is registered.

Yes, you can come or you may send your representative.

It is determined according to the grade under which the contractor is registered.

Yes, it is possible but he should pass the test.

Yes, it is possible.

Yes, but only after registering yourself with the corporate office and in such case your registration will be as a branch.

The same documents which are required for registration for first time.

It depends on the contractor’s grade, number of workers and the performance level in execution of the projects.

6:03:19 PMNo it does not.

Below are the required conditions and details:

• Inspection of the site by an engineering consultant to find out the possibility of expansion.
• Preparation of the maps for the building proposed to be added by an engineering consultant and approval of the same by the municipality.
• Forwarding the matter to the bank for study and expression of opinion.

Yes, but according to the following conditions:

• Submission of a certificate from the party financing the project (Social Housing) confirming that the house was constructed as per the maps and specifications.
• The house will be inspected by the bank’s engineer to ensure that it is technically fit.

Below are said procedures:

• The works of the phase to be carried must be completed.
• Submission of the form for payment of the installment, which shows completion of the phase for which payment is required, is approved by the three parties (the consultant, contractor and the borrower)
• Submission of any other documents, which the bank may require.

Submission of the last installment documents, which include the following:

• Application form for payment of installment approved by the project parties.
• Form for extension of construction agreement if the project was completed after expiry of the period specified in the construction agreement.
• Copy of the house completion certificate issued by the municipality.
• Submission of the above details to the engineering reception official for fixing an appointment for inspection of the project by the bank’s engineer.

Below are the documents required:

• Copy of the commercial registration certificate issued by the Commercial Registration Secretariat, Ministry of Commerce & Industry (if any).
• Copy of the OCCI membership certificate (if any).
• Copy of the house completion certificate issued by the municipality.
• Copy of the registration certificate issued by the Company Affairs Dept., Ministry of Commerce & Industry.
• List of projects, which the office is supervising, and also those projects supervised by the office over the past 12 months.
• Copy of the ID. card or labour card of all engineers and staff of the office.
• Copy of the qualifications of the engineers (qualifications and experience certificates).
• Copy of the specimen signature form.

• Completion of the details required in the registration application form for registration of an office with the bank and fulfillment of all the required documents.
• Payment of the registration fees.
• Coordinating with the bank to fix an appointment to visit the office and inspect certain projects under supervision of the office.

The number of projects is determined taking into consideration thetechnical level of the consultancy office, its practical performance andthe number of engineers.

Yes, it is a must to choose a consultancy office registered with the bank.

Yes, all property financed by the bank are insured to cover certain risks.

• Reporting the damage caused to the house and the reasons thereof to the bank.
• Providing the bank with the civil defence report (in case of fire).
• Fixing an appointment with the bank engineer and representative of the insurance company to inspect the damages.
• If the damages are covered, the bank should be provided with 3 quotations for the damages caused to the house.

Registering your company with the bank is a necessary step to ensure that your employment details are accurately recorded in our system. It also facilitates the processing of your housing loan application, as well as determining your eligibility and entitlement for the housing loan and its approval.

To register the company, you need to provide the following documents:

• Company/Establishment registration documents from the Ministry of Commerce, Industry, and Investment Promotion.
• Copies of Omani ID cards, passports, and residence cards for non-Omanis, for company owners and authorized signatories.
• Certificate of membership from the Oman Chamber of Commerce and Industry.
• Entrepreneurship card, if available.
• Authorized signatories form approved on behalf of the company.
• A copy of the most recent audited and approved financial statements, including the detailed pages for accounting operations for the last 3 years.
• Company`s Mala`a report from the Central Bank of Oman.
• Completion of the bank’s company registration form (click here)

All the mentioned documents should be attached and sent via email to [email protected]

If your registration is incomplete, we will notify you via email or phone regarding the missing documents so that you can provide them to the branch.

If you need assistance, you can contact our call center at +24775800. Your request will be noted, and we will get back to you.

No, you must first register the company, and then you can apply for the subsidized housing loan.