In implementation of the directives of His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, may God protect him, regarding diversifying housing options and solutions to meet the aspirations of citizens, Ms. Fatima Ibrahim Al-Mannai, Undersecretary of the Ministry of Housing and Urban Planning, announced the commencement of accepting applications to benefit from the financing of the “Ambition” program, which was recently launched by the Ministry, starting from today, Thursday, noting that applications are available electronically through the eGovernment portal website and the website of the Ministry of Housing and Urban Planning.
Fatima Al-Mannai explained that citizens who meet the criteria for benefiting from the “Tumooh” program can submit applications electronically and immediately. She pointed out that the program’s criteria stipulate that the applicant must be a Bahraini citizen, and that the applicant’s age must not exceed 60 years at the time of application. In addition, the beneficiary’s income must be between 600 dinars and 1200 dinars, and that they must be a beneficiary of one of the “Tasheel” and “Tasheel+” financing options, or previous beneficiaries of purchase financing, provided that the purpose of benefiting from these financings is to purchase an ownership apartment. Furthermore, the beneficiary must not have previously benefited from renovation financing or the trust system in place at the Housing Bank.
The Undersecretary of the Ministry of Housing and Urban Planning said that the ambitious program represents a favorable opportunity for citizens to gradually own property, as its idea is based on giving citizens benefiting from the “Tasheel” and “Tasheel+” financing an additional option, which is to benefit from an additional financing amount from the “Tasheel” program options worth 20,000 Bahraini dinars after ten years from the date of benefiting from the main financing to buy the apartment, in the event that the beneficiaries wish to sell the residential apartment and obtain a larger property that suits their needs.
Al-Manaei pointed out that one of the advantages of this program is the stability of the monthly installment for the additional financing that is provided after 10 years, as the value of the monthly deduction is 138 dinars, which is paid over a period of only 15 years, noting that the value of the financing is subsidized by the government.
The Undersecretary of the Ministry of Housing and Urban Planning affirmed that the Ministry will collaborate with the Housing Bank to provide support to citizens benefiting from the “Ambition” program. This support will be offered through available financing consultations via the Ministry’s website, or through mobile branch initiatives that the Ministry organizes periodically in various governorates. She noted that all information and criteria related to the program, as well as the financing calculator, are available on the national portal website, bahrain.bh.