11/02/2008
The Wave, Muscat Signs Mortgage Execution Agreement with BankMuscat
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The Wave, Muscat, Oman’s premier urban development in the heart of Muscat has signed an Execution Agreement with BankMuscat for enabling mortgage finance for the buyers at The Wave, Muscat.
The Agreement with BankMuscat is part of The Wave, Muscat’s mission to make residential property ownership more accessible, with maximum flexibility and buying options. BankMuscat will provide affordable and convenient home-financing plans for both local and expatriate investors at The Wave, Muscat. 
Commenting on the new collaboration, Abdullah Al-Shidi, CFO, The Wave, Muscat said:,”This latest offering is in light of the increasing demand for affordable home financing schemes from our buyers of different nationalities in Oman’s leading freehold development. To be associated with Oman’s premier banking institution is truly a milestone in our mission to provide exceptional homes to our investors and buyers and we look forward to building a fruitful partnership with BankMuscat,”
Within this new partnership, home owners will have the opportunity to make their dream of owning a property at The Wave, Muscat come true through BankMuscat’s Baituna Home Finance. BankMuscat shall offer up to 80% of the value of the property for investors at The Wave, Muscat. The loan period shall be up to a maximum period of 25 years with the interest rate being as low as 7% per annum.
Speaking about this Agreement, Sulaiman Al Harthy, DGM-Consumer Banking BankMuscat said, “We are proud to be associated with one of the finest and most prestigious developments in the Sultanate in the heart of Muscat. The Wave, Muscat is an extremely attractive prospect for those looking to invest in prime beachfront residential property. As the nation’s leading bank, we are committed to offering our customers with a choice of housing solutions that cater to their taste and lifestyle. This Agreement with The Wave, Muscat will assist us in helping our national and expatriate customers realize their dreams of owning a property in the Sultanate of Oman.”
The Wave, Muscat, is a joint venture between Oman’s Waterfront Investments, National Investment Funds Company and UAE based Majid Al Futtaim Group.
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