NBO launches limited time home finance offer

A special interest rate of 3.95 per cent is available to all customers from November 1 to December 31

MUSCAT: National Bank of Oman (NBO) has launched a limited time home finance offer to support the dream of home ownership for customers across the Sultanate.

A special interest rate of 3.95 per cent is available to all customers from November 1 to December 31. They can also benefit from a threemonth payment holiday, meaning they do not need to start repaying instalments until 2016, says a press release.

John Chang, general manager and chief retail banking officer at NBO, said: “We continue to put our customers at the heart of our business, and our latest promotion is a testament to this. We are offering a highly attractive interest rate for customers with flexible payment options to support the aspiration of home ownership for countless families across the Sultanate. These offers build on our commitment to delivering a consistently superior banking experience across our customer touch-points to become the bank of choice.”

NBO was recently recognised by the Banker Middle East Oman Product Awards 2015 for its concerted efforts to introduce innovative propositions aimed at simplifying the banking needs of retail banking customers, which included awards for the best mortgage and loan propositions in the Sultanate.

NBO supports residential real estate end-users through its suite of Al Manzel home loan products, which has tie-ups with leading developers and real estate marketing agencies. Loans up to a maximum of 60 per cent of the Debt Burden Ratio can be availed to finance the purchase of ready residential properties and plots, to build new homes, refurbish existing properties, and refinance existing loans. Customers benefit from application processing times of as little as seven days and long repayment terms of up to 25 years.