Al Rajhi Bank launched the accelerated finance program in collaboration with the Real Estate Development Fund to be the first bank in the Kingdom. The program intends for the citizens who are still on the waiting lists of their real estate loans from the Fund, the program will contribute to the immediate finance of the finished residential units, whether villas or apartments, in accordance with the standards and requirements set out by the Fund.
Mr. Saleh Alzumaie, General Manager of Retail Banking Group, said that the program is a lower cost finance permitted by the Shariah Board and represents one of the facilitated real estate solutions which the Development Fund seeks to launch as a new option to the citizens who are on the waiting list in order to shorten the duration of their waiting.
He added that the program constitutes part of the partnership existing between the Fund and the Bank that worked as one team during the past period for achieving the full readiness in order to launch the program. Al Rajhi Bank succeeded to be the first Bank which presents the program and after elapsing the test period, which was restricted to three areas, it was launched in all the branches of the Bank in all the Saudi cities.
Alzumaie explained that the applicant of the accelerated finance program will get the real estate finance in an immediate manner and directly from the Bank and the finance will be repaid for up to 15 years without any interests, as the Fund will ensure paying the interests on behalf of the citizen within the loan term. He pointed out that the reduced finance cost amounting 1% will be added and to be repaid after completing the repayment of the accelerated loan’s installments over 5 years.
He indicated that the program is not inconsistent with the possibility of getting a finance additional to the value of the residential unit with an amount higher than the accelerated finance’s value directly from the Bank according to the terms and conditions, expressing at the same time his pleasure of being the first Bank to apply the accelerated finance program among the other banks and financial institutions within the Kingdom.
The real estate accelerated finance is characterized by its compliance with the provisions of Shariah and obtaining the finance approvals in a record time, as well as the duration of the accelerated finance of up to 15 years.
The amount of the accelerated finance is up to SR 500,000 at a profit rate of 2.25% supported by the Real Estate Development Fund with the maximum funding period of (15 years), provided that the citizen will repay a value of 1% over five years after the expiration of the accelerated real estate finance. In addition, the beneficiaries can get an additional real estate finance of up to 20 years from the Bank.
For those who are interested in getting the finance and they are on the waiting lists of the Fund, please login to the portal of the Real Estate Development Fund www.redf.gov.sa register and login to the e-services, select citizen services, click on the accelerated loan’s icon and then print the qualification form) and submit it to any branch of Al Rajhi Bank. It is worth mentioning that Al Rajhi Bank provides a range of real estate finance programs that fit various needs of customers and cover the purchase of a house, land or building a house and even the purchase of an investment property and repaying the funding from the property’s revenues.
Al Rajhi Bank always seeks to submit its services and products through its website on the Internet so as to provide more convenience to its customers, such as providing the electronic finance calculator, list of pre-appraised properties and the application service through the website.