Social Housing Finance Scheme "MAZAYA"

Social Housing Finance Scheme

Dedicating efforts towards facilitating decent residence for all Bahraini citizens, Bahrain Islamic Bank (BisB) in association with the Ministry of Housing introduce the Social Housing Finance Scheme.

Scheme Details:
  • As the customer receives the Eligibility Certificate from the Ministry of Housing, the customer will approach the Bank with a request to purchase any of the approved residential housing units within the scheme.
  • Once the finance is obtained, all beneficiaries will pay only 25% of their monthly income as a contribution towards the installments and the remaining balance will be settled by the Ministry of Housing through a subsidy paid as part of the installment due every month.

The Social Housing Finance Scheme is available to Bahraini nationals who are currently employed within any organization that is listed on BisB's Approved List of Employers (ALE) subject to meeting the below criteria:

Unit Type Strictly 100% ready residential units, which are approved by the Ministry
Purpose of Finance The housing unit should be the first property owned by the customer and should be used for his residence
Income Type Only Salaried Employees of ALE list will be acceptable under the scheme
Minimum Main Household Income BD600
Joint Applications Not accepted
Maximum Age 34 years and six months at the time of application
Financing Tenor 25 years for all applicants
Minimum Down Payment 10% of the property value
Maximum Finance Amount BD81,000 strictly.
Maximum Property Value BD120,000
Processing Fees BD300 of the finance amount paid cash by the customer.
Life Insurance All principle borrowers should provide an insurance policy that covers the full finance amount and the full finance tenor. The premium will be paid by the customer directly.
Property Insurance All properties will be insured against fire and natural disasters for the first 3 years and renewable yearly as per the current procedures. The premium will be paid by the customer directly.
Maximum Net DSR The customer's contribution toward the SHFS installment in addition to current other finance installment, in addition to 5% of the credit card limits should not exceed 65% of the monthly income of the customer.
Maximum Gross DSR The full installment (customer's contribution + Subsidy) in addition to current other finance installment, in addition to 5% of the credit card limits should not exceed 95% of the monthly income of the customer.
Income Consideration For the calculation of the subsidy amount due, the Ministry of Housing's calculation (Basic + Social Allowance).For the DSR calculation, the bank's internal calculation will be considered.
Required Documents

Applicants must provide the Bank with the Eligibility Certificate granted to them by the Ministry of Housing along with the following required documents for Property Finance:

  • Two valid Identifications.
  • Latest 3 months Pay Slip.
  • Latest 3 months Bank Statement.
  • Latest Salary Certificate.
  • Subject Property Title Deed or Sale and Purchase Agreement.
  • Seller's Passport and contact details.
  • Certificate of Compliance from the Ministry of Housing if the unit is not classified under approved projects.
  • Support of any additional income.
  • Outstanding letter of current obligations.