Sohar Islamic introduce construction & housing finance

Bank Sohar’s Islamic banking Window – Sohar Islamic has now introduced dedicated Construction Financing in Oman. The Construction Finance product provides an Islamic finance solution for anyone looking to build a new residential property or purchase under construction property. This is a complement to its existing Islamic Home Finance Program which offers Shari’ah compliant financing for ready real estate property. The Construction Finance program comes within a flexible framework catering to the financing needs of customers with financing up to 80% of the price within a financing period reaching up to 25 years. In addition, preferential profit rates are provided to customers for the 1st and 2nd year along with the facility to takeover. If required, installment deferment options are also available.