Construction

Oman moves to support construction sector

New borrowers to receive a 75% reduction in bank fees, with the government bearing cost of cuts

Oman Housing Bank (OHB) has announced a government decision to waive bank and administrative fees for all borrowers from the bank to help provide decent housing for Omani nationals and spur the growth of the construction sector.

The general manager of OHB, Adnan bin Hayder Darwish said the move, which covers 11,700 citizens, will also see the government bear the cost of exemption which stands at $340.4m. New borrowers will also receive a 75% reduction in bank fees, with the government bearing the cost of cuts estimated at $376.8m, added Darwish.

The decision does not cover commercial loans and loans not subsidised that are offered by OHB or loans offered to borrowers who do not meet the conditions, he noted.

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