ArchivesStanChart offers new solution
Tuesday, 09 March 2010
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To meet the rising demand for residential properties in Oman, Standard Chartered has for the first time in the country introduced a mortgage solution targeted at residential owners.
The mortgage facility allows homeowners to purchase completed properties or refinance their fully-paid residential properties with an 80 per cent loan to value at an introductory rate of 5.99 per cent per annum.
The facility is open to both Omani nationals and non-Omani residents, offering mortgages up to OMR800,000 for villa properties and OMR600,000 for apartments.
“With a forecast GDP growth of 3.8 per cent in 2010, the bank is well placed to support the rising demand for residential mortgages. We have been building our expertise globally in the mortgage business for several years and are pleased to be extending our product capabilities into this market," said Ravneet Chowdhury, Standard Chartered CEO for Oman.
