BMI launches new mortgage loan range

The extended range comprises four new mortgage loan products: Own Residence, Investment Purpose, Home Equity Release and First Time Buyers.

At the same time, BMI announced its new pre-approval process, committing to provide an answer on mortgage loan commitments and conditions within a maximum of 24 hours to customers who provide their CPR and evidence of income.

Announcing the launch, Andrew Bainbridge, Chief Executive Officer of BMI said:

'I am delighted to unveil our new mortgage loan offerings. We are committed to delivering innovative products and services and our new range of Mortgage loan products is part of that commitment. We believe that the range of mortgage products enables us to better meet the needs of customers. Our new pre-approval process also helps prospective customers to rapidly and clearly understand the mortgage loan amount they can obtain from BMI, enabling them to make more informed property choices, backed by the certainty of pre-approved support from BMI.'

'I am particularly delighted that we are offering first time buyer mortgages for Bahrainis wanting to get onto the property ladder. We are committed to helping first time buyers to acquire their own homes through supportive and sustainable payment plans.'

The new range is designed for both Bahrainis and Expatriates who wish to seek housing finance for properties in the Kingdom, offering a range of benefits including higher Loan to Property Value (LTV), tenure of up to 30 years, affordable interest rates, low down payment and rapid processing amongst others.

The Bank will also provide refinancing options to customers with existing housing loans from other organizations.

BMI currently offers its customers a range of retail products and services including savings and current accounts, Credit cards, Consumer and Vehicle Loans, Mortgages and fixed deposits.

BMI operates through a network of four branches and 10 offsite ATMs, with Net banking for easy access to services.

Its flagship retail product, the Al Mazyona Saving Certificate, was recently refreshed with a revised prize scheme offering its customers more prizes and chances to win.

In addition to Retail Banking, BMI offers full SME Banking Services and Corporate Banking services including Global Trade Services, Private Banking, Islamic Financial Services, Financial Institutions & Correspondent Banking and Treasury Services.