Standard Chartered said that the mortgage facility would offer flexibility to home owners to purchase completed properties or refinance their fully paid residential properties with an 80% loan to value at a competitive introductory rate of 5.99% per annum. The facility will be open to both Omani nationals and non- Omani residents, offering mortgages up to OR800,000 for villa properties and OR600,000 for apartments.
Ravneet Chowdhury, CEO of Standard Chartered Oman, said: “With a forecast GDP growth of 3.8% 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.”
Bikram Rishi, head of consumer banking at Standard Chartered Oman, said: “We continuously improve our product offerings to deliver real benefits for our customers. Our focus has always been to build a retail banking platform that deepens our customers’ banking experiences while contributing to the development of our mortgage portfolio. We are pleased to offer an alternative mortgage solution for our Omani market.”
