Oman Housing Bank SAOC (OHB) approved 302 new loans worth RO13,000,000 from August 14 to September 5, in a response to the Royal directives to slash administrative and banking fees by 75 per cent issued earlier. The headquarters in Muscat approved the biggest number of new loans; 102 loans of total worth of RO5,270,100 during less than two weeks after receiving the Royal directives. Sohar came second in terms of total worth of the new loans OHB approved there, which were 35 loans worth RO1,436,100. In Nizwa the bank approved 36 new loans of total worth of RO1,414,300 and in Sur 15 loans worth RO633,200,000 approved. Dhofar's share of new loans was 12 ones of total worth of RO559,000. The branch of OHB in Al Buraimi approved 13 new loan requests of total worth of RO458,300. In Khasab, one citizen only got loan request approval; the worth was RO41,700,000. The branch of OHB in Ibra approved 21 loan requests of worth of RO720,000. "After the Royal directives to slash the administrative and banking fees were issued, OHB has witnessed an increase in housing loan requests submitted by citizens. The total number of beneficiaries after the amendments is 58 citizens all over the Sultanate. The total worth is RO2,359,100,- said Adnan bin Darwish, the Directorate General. The headquarters in Muscat and the seven branches distributed 3,500 loan request applications, during past two weeks only, including the 298 approved requests. According to Darwish, the Royal directives included giving citizens working outside Oman the opportunity to apply to housing loans on the same terms and conditions set for citizens working inside the Sultanate. OHB will announce in the near future funding 50 per cent of buying and construction of residential lands for citizens. The repayment period has been extended from 15 years to 25 years. This move will reduce the monthly installment due. Moreover, the Royal directives approved doubling the total worth of a loan to what equals to 120 monthly salaries worth; the citizens who gets RO477 can have an RO 60,000 loan. Timesofoman
