Competition for expatriate mortgage business has pushed pricing down across the sector, with three lenders now quoting from 4.75% on reducing balance for purchases in approved freehold communities.
What the products look like
Typical terms are 20 to 25 years, up to 80% loan-to-value for salaried residents, and a maximum age of 65 at maturity. Non-resident buyers are generally capped at 70% and may need a larger deposit plus a local reference.
- Bank Muscat: from 4.75%, up to 80% LTV, 25-year term.
- National Bank of Oman: from 4.99%, up to 80% LTV, 20-year term.
- Bank Dhofar: from 5.10%, up to 75% LTV, 25-year term.
Documents that speed things up
Bring six months of salary transfers, a salary certificate, your resident card, the signed sale agreement and the title deed or project allocation letter. Self-employed applicants should add two years of audited accounts and six months of business bank statements.
Fees to budget: one percent arrangement fee, valuation around 150 OMR, mortgage registration at 0.5% of the loan, and life insurance if the lender requires it.
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