Mazaya Program Definition
Brief aboutMazaya Program
Mazaya program is one of theinitiatives introduced by the Ministry of Housing in cooperation with theprivate sector that aims to provide social housings for citizens on the waitinglists. The idea of the program is selecting the citizen that meet the criteria ofbuying a unit through obtaining financing from one of the affiliated banks,provided that the government provides financial support to the citizen, whichis represented in paying the difference between the value of the actualinstallment for the amount of financing specified by the funded bank, and thevalue of the monthly installment due to the citizen, which does not exceed 25%of the citizen's salary as a maximum.
Features
1. The program allowsimmediate purchase of housing units from the private sector without the need toremain on the waiting lists for projects that the ministry is building.
2. Citizens are free tochoose their housing unit in terms of location, area or unit components,through projects of real estate development companies approved by the ministry,or other units that meet the technical specifications of the ministry.
BenefitStandards
According to Article No. 42of Ministerial Resolution No. 909 of 2015, the criteria for benefiting from theMazaya Program were defined as follows:
1. He must be of Bahraininationality.
2. To be the head of thefamily.
3. The applicant's age,during the application period and until the disbursement of the financingamount, is not less than 21 years and no more than 35 years.
4. That the monthly incomeduring the application period and until the disbursement of the financingamount be no less than BD 600 and not more than BD 1200.
5. That the applicant or amember of his family did not previously benefit from any housing service forthe purpose of ownership, whether from the government or any other party.
6. That the applicant or amember of his family is a permanent resident of the Kingdom of Bahrain.
7. That the applicant or oneof his family members does not own the property at the time of submitting theapplication and up to 3 years prior to the date of submission, and theexception is:
- Ownership of a propertywhose area is less than 100 square meters.
Thewife's ownership of a property is acquired by inheritance.
Fundingmechanism
1- The program provides amaximum funding amount of up to 90,000 Bahraini dinars.
2- He pays 10% of thefinancing amount to the bank financed as a down payment.
3- The housing financeamount will be paid up to 25 years.
4- The property value mustnot exceed 120 thousand Bahraini dinars.
Requireddocuments for applicant
1- Salary certificate fromthe employer.
2- Three months bankstatement.
3- A copy of the smart card.
4- The credit report“Benefit”.
5- Documents clarifying allthe existing bank deductions for the applicant.
Steps toapply for Mazaya program
1. Submit and accept theapplication.
2. The applicant selects thehousing unit and the financing bank.
3. Obtaining initialapproval from the bank and pricing of the unit.
4. Obtaining a qualificationcertificate from the Ministry of Housing.
5. Issue the allocationdecision for the housing unit.
6. Obtaining final approvalfrom the bank.
7. Issuing a financecertificate.
8. Disbursement of thefinancing amount from the financing bank.
