NBB Signs Memorandum of Understanding with YK Real Estate
Manama, Bahrain: The National Bank of Bahrain (NBB) has signed an MoU with YK Real Estate Investments & Developments Company W.L.L, a division of Almoayyed Contracting Group, to offer mortgage financing on the Garnet real estate development, located in Reef Island. The signing took place last week at NBB Tower, and was attended by Chief Executive Retail Banking at NBB, Subah A.Latif Al Zayani, and YK Real Estate Executive Director, Hala Farouk Almoayyed.
The MoU is aligned with the Bank’s focused strategy to continuously provide housing and mortgage financing solutions for all of its customers across various real estate developments in the Kingdom. By diversifying its housing finance options, NBB is able to commit to its promise of enriching the national economy and the lives of future generations.
Through this offering, NBB will provide customers with mortgage financing of up to 90% of the property value alongside competitive interest rates starting from 4.9%. Customers who wish to apply for financing will also benefit from an easy and quick approval process and a 30-year tenor period.
Hala Farouk Almoayyed, Executive Director of YK Real Estate Investments & Developments Company, stated: “We are delighted to partner with the National Bank of Bahrain and offer our newest project, ‘Garnet’, to the bank’s customers. Our aim is to create quality residential units located within enhanced living communities in Bahrain, and through our cooperation with the nation’s bank of choice, we will now be able to meet the existing demand from NBB customers for upscale, modern residential options, situated ideally in the centre of the Kingdom.”
Commenting on the partnership, Subah A.Latif Al Zayani, Chief Executive – Retail Banking at NBB, said: “We are pleased to be partnering with YK Real Estate Investments & Developments to bring our customers a wide range of diversified housing solutions. Here at NBB, we remain committed to offering the best variety of housing services alongside key developers in Bahrain. Through our competitive interest rates and simplified approval processes, we are able to extend our housing solutions to all our customers as we contribute positively to enriching their futures.”
The ‘Garnet’ is a 64-apartment building located in Reef Island, constructed by Almoayyed Contracting Group. Launched earlier this month, the high-end building offers fully-furnished luxury studio, 1 and 2 bedroom apartments overlooking the sea, and fully equipped with various amenities for its residents. Reef Island is located minutes away from the Bahrain Financial Harbour and is situated in the heart of Manama. The Island is open to both residents and guests, offering easy access to a range of luxury living, retail and restaurant experiences.
NBB is committed to providing customer-centric initiatives and extending enhanced housing financing solutions to meet its customers’ needs. For more information about NBB mortgages please visit nbbonline.com, contact 1721 4433 or visit any of the NBB branches to explore mortgage financing options.