Self Employed

* 1% pre-payment or early repayment fee is charged.
* No deferment of loan installment is permitted.
* Interest rates vary depending on the market conditions.

Eligibility

1. The applicant can not be under 25 or over 65 years of age at the time of the maturity of the loan.
2. The applicant should be self employed with a minimum business track record of 2 years.
3. The applicant’s income should be a minimum of OMR 1000
4. The applicant should not be blacklisted with BankDhofar or Central Bank of Oman (CBO) caution list or CBO BCSB classification list.
5. Incase of joint loans - separate loan eligibility will be calculated, however, security of the property will be common.
6. The property to be purchased should not be more than 10 years old.

Documents Required

1. Business accounts to be transferred to BankDhofar
2. Copy of valid I.D
3. Audited financials of the past 2 years
4. Post dated cheques to be replenished every 3 years
5. Bank statement for the last six months (stamped and certified, if not on bank’s letter head)
6. Registration of a legal mortgage over the property with the Ministry of Housing in favor of the Bank
7. Assignment of rental income, if any
8. Satisfied BCSB report
9. Property evaluation report from an evaluator approved by the bank
10. Copy of an approved drawing of the property 
11. Construction agreement with mode of payment duly signed by the customer, contractor and consultant.
12. Construction agreement should contain delay penalties and deduction of 5% from each payment (retention money). This amount will be released to the contractor after one year of completion of house. No advance payment allowed.
13. Copy of the title deed – Mulkiya and Krooki
14. Building permit
15. Two passport size photos

Apart from above, other requirements are:

16. Life insurance covering the loan amount in favor of BankDhofar
17. Property insurance over the house in favor of BankDhofar

Documents required from the contractor

1. Certificate - Oman Chamber of Trade & Commerce
2. The commercial registration (CR) certificate
3. Copies of laborer’s ID cards
4. Tender board certificate for first class contractors
5. Letter from the consultant supervising the project.
6. Contractor's Signature Form 

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