The Economy website reviews the advantages of the subsidized financing program and the easy mortgage from Saudi Bank Albilad.
0% profit margin for your real estate financing from the Real Estate Development Fund for those whose monthly income is 14 thousand riyals or less with the financing supported by Bank Albilad!
You can now own your dream home with the Mortgage Loan Program (Backup Finance) from Bank Albilad. It is a program intended for the beneficiaries of the Ministry of Housing and the Real Estate Development Fund, where the Ministry of Housing and the Real Estate Development Fund bear all or part of the financing profits to purchase your home for the first 500 thousand riyals of the financing amount.
A customer whose income exceeds 14,000 riyals can also benefit from the subsidized financing program and calculate the support he is entitled to through the Real Estate Development Fund calculator on its website or by visiting the nearest Bank Albilad branch.
Down Payment Reduction Program (Easy Mortgage)
It is a program that allows the customer to reduce the down payment for the first housing from 10% to 5% to reduce the burden of the required down payment on the customer.
Down payment terms:
The beneficiary has a family.
The age of the beneficiary must be 25 years or more.
To be the first home.
The unit price should be 800,000 riyals or less.
The main advantages of the financing program supported by Bank Albilad
Compliant with Shariah Committee regulations.
The possibility of solidarity to buy the property with first-degree relatives.
Possibility of financing the unfinished property.
0% profit margin for those whose monthly income is 14 thousand riyals or less for the first 500 thousand of the financing amount.
Down payment starting from 5% of the property value.
The possibility of obtaining additional financing higher than 500,000 riyals, so that the ministry and the fund bear the profits of 500,000 riyals, and the customer bears the remaining profits.
Flexible payment plan.
Conditions
The customer must have a current account with Bank Albilad.
That the client be a beneficiary of the Ministry of Housing and the Real Estate Development Fund.
The age of the customer should not be less than 20 years.
The client’s monthly net income should not be less than 3,000 Saudi riyals.
The age of the customer should not exceed 70 years at the last payment of the monthly installments.
The property must be within the approved plans and within the boundaries of the urban area.
Required Documents
Customer Documents
A valid identity document (national identity card or family register for Saudis)
A copy of the labor card for employees of the military sectors.
A letter of introduction from the employer that includes the monthly salary, including all allowances, the current job, indicating the start date of joining the service with the end date of the work contract, if any.
Salary transfer letter to Bank Albilad (in case of salary transfer)
Real estate documents
A clear copy of the property deed.
Building permit copy.
A clear sketch of the property’s location.
Real estate division report, if any.
Fill out the “View property information” form.
Filled out the “Installment Purchase Request” form
