Conditions for real estate financing supported by Al Rajhi Bank and required documents 2023-1445

Real estate financing is a goal for many citizens looking for a suitable apartment, renovating a place to live, or investing in real estate. Especially as they are looking for a source of financing for their real estate goals.

On the other hand, Al Rajhi Bank in the Kingdom of Saudi Arabia provides these services as part of its real estate financing program, which attracts many people who want to benefit from real estate and obtain suitable housing.

Conditions for real estate financing supported by Al Rajhi Bank

There are a set of real estate financing conditions at Al Rajhi Bank, which are as follows:

• The citizen must be of Saudi nationality and work in accredited institutions and transfer his salary to Al Rajhi Bank.

• The citizen’s salary for workers in the government and semi-public sectors must not be less than 5,000 Saudi riyals.

• The salary of employees of private sector institutions must also be no less than 7,500 riyals.

• The period of work in the institution must not be less than 12 months, and for public sector employees it must be at least 6 months.

• The financing period should be calculated as the retirement age for public sector clients, where public sector is: 20 years for turnkey properties and 10 years for residential properties.

• In the private sector, the retirement age is at least 15 years for ready properties, and 10 years for residential land. The minimum age to apply for financing is 21 years and no more than 60 years.

Documents required for real estate financing with Al Rajhi Bank

There are several documents required for real estate financing at Al Rajhi Bank, as it is necessary to submit documents to the applicant, which are as follows:

1. Funding request.

2. A special identity document from the employer.

3. A copy of the marital status card or (family registry).

4. Also submit a wage transfer form from the employer.

5. Obtaining the transfer document and real estate documents, such as a copy of the two-page deed and a diagram of the property’s location.

6. Submitting the area decision in case the land area differs from the written area.

Advantages of real estate financing in Al Rajhi

In fact, Al Rajhi Bank financing is characterized by several advantages, the most prominent of which are the following:

• The person obtaining the mortgage can pay at any time.

• The ability to use the flexible installment payment function provided by the bank.

• The remainder of the debt is forgiven in the event of the client’s death or complete inability to work.

• The bank offers a competitive profit margin compared to other banks.

• Possibility of obtaining financing approval very quickly.

• Al Rajhi Bank also provides real estate financing that complies with the provisions of Islamic Sharia, as the financing period is up to 25 years.