In implementation of the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, may God protect him, to reduce the maximum monthly installments for beneficiaries of the "Mazaya" program by increasing the value of the financial support provided by the government to beneficiaries of the program, and His Highness's directive to the Ministry of Housing and Urban Planning to diversify housing options and solutions to achieve citizens' aspirations, Her Excellency Mrs. Amna bint Ahmed Al Rumaihi, Minister of Housing and Urban Planning, announced that the Ministry has completed its preparations to begin accepting applications to benefit from the "Ambition" program, starting next Thursday.
Her happiness extended its deepest thanks and gratitude to His Majesty King Hamad bin Isa Al Khalifa, the King of the country, may God protect and preserve him, for the permanent care and continuous support that His Majesty gives to the social housing sector, and to His Royal Highness the Crown Prince and Prime Minister, may God protect him, for his generous directives to develop housing programs and services and expand the range of options available to citizens, in a way that enhances social stability and provides suitable housing for Bahraini families.
The Minister explained that citizens wishing to benefit from the "Ambition" program can submit applications through the e-government portal or the Ministry's website, noting that the program allows beneficiaries of "Tasheel" and "Tasheel+" financing, in addition to previous beneficiaries of purchase financing for the purpose of owning an apartment, the possibility of obtaining additional government-supported financing worth 20 thousand Bahraini dinars to move to a larger property.
Regarding the mechanism of the "Ambition" program, the Minister explained that the program, which was previously announced during the Innovation Conference and Exhibition in the Social Housing Sector last April, gives beneficiaries of the "Tasheel" and "Tasheel+" funding an additional option to obtain additional subsidized funding worth 20,000 Bahraini dinars after ten years from the date of the main funding, if they wish to sell the apartment and purchase a larger property that suits their needs.
She explained that the criteria for benefiting from the program include that the applicant must be of Bahraini nationality, not be over 60 years old at the time of application, have a monthly income between 600 and 1,200 dinars, and not have previously benefited from restoration funding. The financing banks also set the monthly installment rate not to exceed 25% of the beneficiary's income.
She added that citizens who previously benefited from the service of purchasing an apartment before the launch of the "Tasheel" program can also apply to benefit from "Ambition" electronically through the e-government portal or the Ministry's website, whenever the specified criteria apply to them.
Minister Al-Rumaihi also announced the start of implementing a reduction in the maximum monthly deduction for financing "Mazaya", which was reduced by 100 dinars to become 427 dinars instead of 527 dinars, in coordination with the banks financing the program. She explained that the Ministry has allocated an additional budget through which it will bear the value of the difference resulting from this reduction, bringing the total government support allocated to the "Mazaya" program to about 825 million dinars throughout the payment period, with the new mechanism to be implemented starting from next November's installment and gradually.
She added that the Ministry pays special attention to citizens whose monthly income has changed as a result of early retirement or circumstances beyond their control, as in these cases the value of the monthly deduction is adjusted to ensure the livelihood stability of the beneficiaries.
In a related context, Minister Al Rumaihi revealed the creation of three new digital services through the "Beity" real estate platform, which are: the digital tracking feature for housing demand, to follow the stages of demand from its beginning until financing, and the digital real estate valuation service, to speed up and facilitate valuation procedures, in addition to the property reservation service electronically, in cooperation with the Housing Bank.
She explained that these steps come as a continuation of the efforts of the Ministry and the Housing Bank in developing the platform since its launch last year, by adding new features that contribute to facilitating the journey of beneficiaries of housing services, expanding financing options, and choosing the most suitable housing easily and flexibly.
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