Easing access to renovation loans

TDT | Manama

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An urgent proposal has been lodged in Parliament seeking to make it easier for beneficiaries of the Mazaya Housing Programme to secure renovation loans, by allowing a joint mortgage over the property title deed between Eskan Bank and the bank that financed the main loan.

The sponsors say Mazaya beneficiaries are being turned away when they apply for renovation finance because the title deed is already mortgaged in favour of the financing bank.

They argue the answer is to apply a joint mortgage system for the deed, a method they say is already used in other Eskan Bank housing finance products.

The proposal was submitted by MPs Khalid Buanaq, Zainab AbdulAmeer, Ahmed Al Salloom, Hisham Al Awadhi and Mohammed Al Ma’arafi.