The Housing Bank announced the addition of Tamweel Tamooh to its financing programs as a supplementary financing option on the “Baity 2.1” real estate platform. This step comes as part of the Bank’s ongoing efforts to facilitate and accelerate housing procedures for citizens and transform them into integrated electronic services, in line with the objectives of the Government Performance and Digital Transformation pillar of the Government Program 2023–2026.
The Bank confirmed that the addition of the option to obtain a Tamweel Tumooh financing plan will enable citizens to learn about the supplementary program and highlight its key features, most notably a fixed financing amount of BHD 20,000 for all citizens with monthly incomes ranging from BHD 600 to BHD 1,200, with a fixed monthly installment of BHD 138 over a period of 15 years.
It is worth noting that the addition of this feature will help citizens, from day one, to develop a financing plan that enables them to benefit from the basic financing services (Tas’heel Aqari and Tas’heel Plus) to purchase a residential apartment from those available on the Beity platform and benefit from it for 10 years. Thereafter, the citizen can obtain Tamweel Tamooh as a supplementary service after selling the benefited apartment to purchase a larger property. This achieves the core objective of the Tamooh Program, which focuses on the concept that home ownership begins from the first day of submitting an application.
Citizens wishing to benefit from Tamweel Tumooh will be linked with participating financing banks, contributing to faster selection of the most suitable bank based on available offers, with the possibility of adding additional financing to complete the value of the property to be purchased after selling the apartment.
A new option has also been added to allow users to filter apartments that can be purchased through Tas’heel and Tas’heel Plus financing, saving citizens time and effort and enabling them to benefit from the Tumooh Program in the future.
The Housing Bank clarified that the Beity platform will provide all information related to the Tamweel Tamooh program in a simplified and user-friendly manner, by presenting the criteria, terms, benefits, and the mechanism for obtaining financing.
In this regard, Mr. Abdullah Taleb, Chief Executive Officer of the Housing Bank, stated that the addition of the Tamweel Tamooh financing plan to the “Baity 2.1” real estate platform reflects the Bank’s and the Ministry of Housing and Urban Planning’s commitment to providing the necessary facilities to obtain adequate housing. He affirmed that this feature will offer all requirements needed to benefit from Tamweel Tamooh, including information on installment values, financing banks, and suitable apartments.
Taleb added: “The introduction of the Tumooh Program service on the Baity real estate platform reaffirms the Bank’s and the Ministry’s commitment to keeping pace with digital transformation efforts in the social housing sector, contributing to accelerating procedures for benefiting from housing financing options, streamlining them, and reducing processing time to save citizens’ time and effort.”
He further noted that the Baity real estate platform is witnessing strong demand from citizens due to the comprehensive digital services it offers in one place, emphasizing that the new features available through the “Baity 2.1” application represent a qualitative leap in the trajectory of digital housing services provided by the Bank in the Kingdom.