Sohar islamic

Housing Finance for Expatriates

At Sohar Islamic, we are committed to making homeownership in Oman easier and more accessible for expatriates around the world. Whether you are looking to relocate with your family or invest in Oman’s vibrant property market, our Housing Finance for Expatriates is designed with affordability and flexibility in mind.
 

Interest Rate Details
6.00% p.a.

Benefits

Accessible Financing: 

Finance up to OMR 250,000, covering 50% of the property value.

Flexible Terms: 

Tenors of up to 10 years, including a grace period of 18 months for under-construction properties.

Added Convenience: 

A complimentary credit card facility of up to USD 10,000 during the construction phase.

Targeted at Expatriates: 

Available for both residents and non-residents, empowering more people to invest in Oman’s future.

Eligibility 

Expatriates in Oman: 

  • Income Stability:
    Must be employed by a reputable firm or organization, with salary payments assigned to a bank with a minimum salary requirement of OMR 5,000 or its equivalent in foreign currency.
    Stable employment or business operations outside Oman, demonstrating an annual income of at least OMR 25,000.
  • Credit History:
    A consistent credit record for the past 12 months, verified by Sohar International’s / Islamic 
    Employment Verification:
    A letter from the employer confirming at least 2 years of employment stability, including details of salary, designation, and date of joining.
  • Compliance:
    Full adherence to Know Your Customer (KYC) and Customer Due Diligence (CDD) processes to ensure thorough verification of the applicant's identity, Employer and financial status.

 

Non-residence: 

  • Income Stability:
    Must be employed by a reputable firm or organization, with salary payments assigned to a bank with a minimum salary requirement of OMR 5,000 or its equivalent in foreign currency.
    Stable employment or business operations outside Oman, demonstrating an annual income of at least OMR 25,000.
  • Credit History:
    A consistent credit record for the past 12 months, verified by Sohar International’s / Islamic.
  • Employment Verification:
    A letter from the employer confirming at least 2 years of employment stability, including details of salary, designation, and date of joining.
    The employment verification letter must be attested by the Oman Embassy or Consulate in the applicant's country of residence.
  • Compliance:
    Full adherence to Know Your Customer (KYC) and Customer Due Diligence (CDD) processes to ensure thorough verification of the applicant's identity, Employer and financial status.

Terms and Conditions

Minimum Age: 30 years
Maximum Age: 60 years at the time of facility maturity.

Finance can only be provided against purchasing properties from ITC projects registered with bank and which hold approval from the Ministry of Housing and Urben planning for selling units for non-Omani’s individuals.

The Facility limit is linked to the FTV/LTV 50% of the market value of the financed property or OMR 250,000/-, whichever is lower. 
Credit Card Limit up to USD 10,000.

Up to 10 years including the grace period.

OMR 250/- to be paid at the time of availing the facility. 

1% of the prepaid amount in case of full repayments or part prepayments. 

Expatriates in Oman:
Required as per the FSA policy. To be paid upfront. 

To purchase unit within ITC under construction projects up to 18 months.

Up to 50%

  • Primary Security:
    Mortgage over the financed property registered in favor of the bank.
    In the case of an under-construction project, the customer contribution paid first, then the bank contribution will be activated.  
  • Additional Security:
    The last payment to be paid after the mortgage is registered under the name of the bank.
    Additional collateralization with other properties (if available).

Required Documentations

The documents required are from four parties: Parents / guardian, Student, Institution selected for study, A separate set of documents is required from customers who do not wish to assign their salaries.
 

For buying property

  • Omanis - a copy of ID
  • Expatriates - residence card & Passport copy with valid visa
  • Completed Loan Application Form
  • Liability certificate from existing banks/ or financial institutions/ employer (if any)
  • Salary certificate of the applicant/ co-applicant
  • Bank statement of the last six months stamped by the bank
  • Copy of title deed and krooki
  • Proof of additional income if any
  • Original valuation report from one of the bank's approved valuation agencies
     

For Construction

  • Copy of construction agreement signed by the contractor, consultant, and owner with schedule of payment
  • Copy of building permit
  • Proof of payment contribution to contractor if any For Purchase
  • Purchase agreement and the copy of Id card of the seller
  • Proof of down payment to a seller if any