NBB Announces Launch of ‘Joint Housing’ Product with Eskan Bank

In support of the Kingdom of Bahrain’s strategic direction to provide housing solutions for its citizens, the National Bank of Bahrain is launching a new Joint Housing product offering in conjunction with Eskan Bank starting from January 2021. The product, designed for beneficiaries of housing loan services offered by the Ministry of Housing, comes part of NBB’s efforts to participate in the Ministry’s initiatives to serve and provide housing benefits to all Bahraini citizens.

The product offering comes as part of NBB’s continuous efforts to drive positive societal initiatives within the Kingdom of Bahrain and support the Kingdom’s overall economy, highlighting the Bank’s commitment to provide facilitated solutions for Bahraini homeowners in line with the Kingdom’s broader vision of generating accessible homeownership funding initiatives.

Upon signing the agreement with Eskan Bank, NBB will jointly mortgage the properties financed by both banks, offering attractive interest rates to applicants with loan tenors reaching up to 25 years. The agreement serves to facilitate and enhance customer experience by providing a wider range of payment solutions, allowing applicants to take advantage of the commercial loan facilities offered by the two banks to provide affordable real estate solutions including purchase of a property, investment, and payment of other bank obligations.

Dr. Khalid Abdullah, General Manager of Eskan Bank, expressed his pleasure at the partnership with NBB, saying: “We are very pleased to sign this agreement with NBB set to provide joint housing loan solutions for  citizens and beneficiaries of the Mazaya Scheme, starting from this January onwards. This partnership contributes to the achievement of our mutual goals that seek to meet the increasing demand for social housing offerings within the Kingdom, and to ensure that Bahraini citizens are able to benefit from our financing solutions to purchase new, fully-equipped modern homes. We commend the contributions of NBB, and continue to strengthen our cooperation with our partners from the banking and real estate sectors to facilitate all our citizens’ needs.”

Commenting on the endeavor, Chief Executive of Retail Banking at NBB, Subah Abdullatif Al-Zayani, said: “At NBB, we strive to be influencers on strategic partnerships, and to become value-adding partners to the Kingdom and stimulate the real estate sector by contributing in a meaningful manner to its continued growth and prosperity. And as such, we are keen to adopt new and improved housing solutions in partnership with Eskan Bank, allowing Bahraini citizens to benefit from our services and acquire their homes in one of Eskan Bank’s numerous properties across the Kingdom. Our primary focus has, and always will be, our customers, and we will continue to provide the best in service quality to ensure that all our customers’ needs are met.”

A major part of NBB’s core strategy is to enhance the community in which it operates, and as part of its alignment to the Kingdom’s 2030 vision and continued leadership in Team Bahrain, the Bank remains committed to customer-centric business operations in line with its brand promise of being closer to its customers.