EIRAD – Retail Mortgage Financing

Get your real estate financing by pledging your investment property or purchase new investment property.

Eirad product provides the opportunity to purchase an investment property or to obtain a financial amount from mortgaging the property owned by the customer in exchange for revenue from the property, which allows the customer to pay the installments from the revenue of the property, and the product also allows the customer to save a certain amount of money

In addition, the Eirad product meets the needs and desires of all individual customers, whether buying or mortgaging investment real estate complexes or purchasing or mortgaging a single investment real estate unit or a group of real estate units in different areas.

Eirad for financing the investment properties:

• Mortgage the investment property: Clients who own several investment properties that generate income and wish to pledge them in exchange for financing.
• Purchase the investment property: It targets clients who wish to purchase several investment properties that generate income.

1. Financing amount up to SAR 20 Million.
2. Finance amount starts from 750,000 SAR.
3. Affluent Customers/Diamond and Private Banking Customers only.

Eirad for financing the investment unit:

• Mortgage one-unit investment property: Clients who own several investment properties that generate income and wish to pledge them in exchange for financing.
• Purchase one-unit investment property: It targets clients who wish to purchase one-unit or several units income-generating investment properties in different areas that generate income.
  1. Financing amount up to SAR 16 Million.
  2. Finance amount starts from 350,000 SAR.
  3. Dedicated to Saudi segment customers.
  4. Buyout: Availability to buyout the existing loan from other banks, provided that the unit is rented by the customer.

Features:

1. Shariah compliant financing.
2. Financing period up to 240 months.
3. Financing up to the age of 70.
4. Fixed financing rate throughout the financing period.
5. Availability to finance all types of properties including investment lands.
6. Availability to buyout the existing Eirad loan from other banks.
7. Financing up to 70% of the property value.
8. Equal repayment Installments on quarterly, semi-annually & annually basis based on rental frequency.
9. Insurance covers the property for the loan tenor.

Terms and Required Documents:

1. Minimum age of 25.
2. Saudi nationality only.
3. Property age not exceed 30 years at the maturity.
4. Copy of customer ID.
5. Copy of the title deed.
6. Copy of building permits.
7. Rental contracts from EJAR platform.
8. Provide price quotation for the property.