Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Bank Nizwa - Home Loan Bank Nizwa - Home Loan Minimum Salary: OMR 400 Salary Transfer: Yes Early Settlement Fees: Yes Maximum Term: 25 Years Flat Rate: - Reducing Rate: -
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Documents Required
  • What are the documents required for pre-approval?
  • Identification documents
  • Proof of income
  • Proof of residence
  • What are the documents required after pre-approval
  • Salary Transfer Letter
  • Blueprint of the house, approved by relevant Government agency
  • Copy of Title Deed / Mulkiya / Krooki
  • Purchase Agreement
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest flat rate on the product. This is not the APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
Representative Example Calculator
Oman Arab Bank - Al Dar Housing Loan
Minimum Salary
OMR 500
Reducing Rate
10.8%
Ahli Bank - My Home
Minimum Salary
OMR 300
Reducing Rate
7.11%
HSBC Oman - Home Loan
Minimum Salary
OMR 500
Reducing Rate
8.1%