REAL ESTATE FINANCE PROGRAM

Once the citizen is pre-approved  by the Ministry of Housing and the Real Estate Development Fund, and if both the citizen and property fulfill the standards of Arab National Bank, the citizen can avail of  the product from the bank, under which the Real Estate Development Fund  will subsidize  the finance profit margin on his/her behalf fully or partially for a finance amount up to SR. 500,000 which will be determined based on the number of his/her family members and income level.

FINANCE FEATURES

• Repayment period up to 25 years.
• Freedom to choose either of the real estate finance program options (i.e. ready to move housing unit - housing unit under construction - mortgage).
• Freedom to choose either of the financing solutions (i.e. reduced advance payment  - flexible installment - pensioner financing - housing finance for the military in service - self-construction).
• Fixed installments throughout the finance period.
• Exemption of heirs from paying the remaining installments in the event of death "God forbid”.
• Profit margin fully subsidized by the Real Estate Development Fund for those with monthly income of SR 14,000 or less.

ELIGINILITY

• Applicant’s  Salary SR. 5,000 or more.
• Minimum service with  the current employer  one year.
• Minimum age 23 years.
• Salary transfer to ANB.

REQUIRED DOCUMENTS

• Filling the finance application.
• Employer certificate specifying the salary and number of years in service.
• Filling offer & acceptance form (mortgage exempted).
• Sketch showing the location of the property.
• Filling the purchase & seller confirmation form (mortgage exempted).
• Copy of title deed.
• Copy of  building license (for residential units).
• Measurements confirmation (for residential units).
• Copy of  national identification card.
• Bank statement for the last 3 months (if applicant’s salary is not transferred to ANB).