BD120,000 housing finance cap

TDT | Manama

Email : editor@newsofbahrain.com

Parliament approved a proposal to amend provisions of the Housing Law, introducing a new article that sets a maximum financing limit of BD120,000 for purchasing or constructing residential properties.

The amendment stipulates that the Ministry of Housing will determine financing amounts based on the applicant’s monthly income, according to a prepared financing schedule.

The proposal is part of efforts to regulate housing finance and align funding levels with income criteria and market conditions.

Amendment

The Financial and Economic Affairs Committee said the amendment would help reduce financial obligations for Housing Bank service beneficiaries and limit reliance on alternative financing sources.

The committee added that the proposal supports developing financing solutions in coordination with Bahrain’s financial sector.

The Ministry of Housing had expressed reservations on the proposal, stating that setting fixed minimum and maximum financing limits could impose additional financial burdens on the state budget.