Omani and international banks will sell you home loans. Different banks have their own policies regarding foreigners, so check to make sure you can get a mortgage with your preferred bank.
Arab mortgage providers include Alhi Bank Oman, Bank Muscat, and Bank Dhofar Oman. You can also purchase mortgages from international banks such as HSBC.
Many banks will require you to have the following documents:
- six months' bank statement
- proof of income
- copy of identification (e.g. passport)
- valuation report
- sales agreement
- copy of title deed
Foreigners can receive up to 80% cover of the value of their homes, payable over for a maximum of 25 years. Interest rates are affected by your nationality, your credit, and your property, but you can expect to pay a minimum of 7% interest on your mortgage.
Islamic banking in Oman
The sultan does not allow Islamic banking within Oman. Even though Islamic banks have branches in Oman, they are not allowed to conduct banking under shari'ah (Islamic law).
Home insurance is available through international insurers (e.g. HSBC). Premiums for home insurance with HSBC begin at 7.500 OMR per year.