Mazaya program steps, definition & brief, Beneficiaries

Definition & brief of Mazaya Program

Mazaya program is one of the initiatives introduced by the Ministry of Housing in cooperation with the private sector that aims to provide social housings for citizens on the waiting lists. The idea of the program is selecting the citizen that meet the criteria of buying a unit through obtaining financing from one of the affiliated banks, provided that the government provides financial support to the citizen, which is represented in paying the difference between the value of the actual installment for the amount of financing specified by the funded bank, and the value of the monthly installment due to the citizen, which does not exceed 25%of the citizen’s salary as a maximum.

Features

The program allows immediate purchase of housing units from the private sector without the need to remain on the waiting lists for projects that the ministry is building.
Citizens are free to choose 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.

Benefit

According to Article No. 42 of Ministerial Resolution No. 909 of 2015, the criteria for benefiting from the Mazaya Program were defined as follows:

Bahraini nationality.
Applicant’s To be the head of the family.
The age of applicant’s, during the application period and until the disbursement of the financing amount, is not less than 21 years and no more than 35 years.
Monthly income during the application period and until the disbursement of the financing amount be no less than BD 600 and not more than BD 1200.
The family did not previously benefit from any housing service for the purpose of ownership, whether from the government or any other party.
The applicant or a member of his family is a permanent resident of the Kingdom of Bahrain.
Applicant or one of his family members does not own the property at the time of submitting the application and up to 3 years prior to the date of submission, and the exception is:
Ownership of a property whose area is less than 100 square meters.
The wife’s ownership of a property is acquired by inheritance.

Funding

The program provides a maximum funding amount of up to 90,000 Bahraini dinars.
He pays 10% of the financing amount to the bank financed as a down payment.
The housing finance amount will be paid up to 25 years.
The property value must not exceed 120 thousand Bahraini dinars.

Required documents for applicant

Salary certificate from the employer.
Three months’ bank statement.
A copy of the smart card.
The credit report “Benefit”.
Documents clarifying all the existing bank deductions for the applicant

Mazaya program steps

Submit and accept the application.
The applicant selects the housing unit and the financing bank.
Obtaining initial approval from the bank and pricing of the unit.
Qualification certificate from the Ministry of Housing.
Issue the allocation decision for the housing unit.
Final approval from the bank.
Issuing a finance certificate.
Disbursement of the financing amount from the financing bank.

Beneficiaries

The benefits of Mazaya are available to citizens within easy conditions. in an effort to provide housing services to the largest possible segment of eligible citizens. in the following two categories:

The first category (has an existing housing application): The existing housing applicant may transfer his application to benefit from the program, provided that he has the eligibility criteria for the program.

The second category (request to use Mazaya): Citizens must apply directly to use the program, provided that they have the eligibility criteria for the program.

Usage criteria

In order to accept the application to use the program, the applicant must have the following:

He must be of Bahraini nationality.
To be the head of the family.
His age must not be less when the application is submitted and the financing has been disbursed from the financier than 21 years and not more than 35 year-olds.
The monthly income shall not be less that BD 600 and not more than BD 1200.
That he or any of his family members have not previously obtained any housing service for the purpose of owning a house provided by the government or any other party.
He must not be the owner of a property, he or a member of his family at the time of submitting the application and for the previous 3 years and until the allocation. It is considered in the ruling of the owner who benefited from a residence through one of the forms of Islamic financing, and the following is excluded from the condition of non-ownership:
- Ownership of a property whose area is less than 100 square meters, provided itis not suitable for housing or for building a house.
- The wife’s ownership of a property acquired by inheritance.
That his family be a permanent resident of Bahrain.

The applicant shall have the choice of an existing housing individually or from a list of approved and constructed housing by one of the approved real estate developers, provided that the housing meets the following criteria:

It should be a separate, semi-detached or attached apartment, or a residence within a residential complex or in the form of an apartment.
That the house be newly constructed or below, provided that it is suitable for housing for the next 25 years, at the discretion of the Ministry’s specialists.
That the construction of the house be in compliance with the regulatory requirements for construction in various regions of the Kingdom of Bahrain.
The residence should be habitable from the date of purchase and connected to the necessary infrastructure supplies, such as electricity, water and sanitation facilities.
The price of the house does not exceed the specified value of the program, which amounts to 90thousand Bahraini dinars, unless the administration agrees to specify a higher value for the house, provided that the beneficiary is obliged to assume responsibility for paying the difference between the specific value of the program and the value of the house individually towards the financing bank.

Developers

Financiers (Participating Banks)

Kuwait Finance House
Bahrain Islamic Bank
Al Salam Bank
AL Baraka Islamic Bank
Ithmaar Bank
Ahli United Bank
Khaleeji Commercial Bank
Bank of Bahrain and Kuwait
National Bank of Bahrain

Reference: Ministry of Housing’s

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