Common Queries on Property Financing and Ownership: Do you provide customer financing? Conditions and steps for property purchase, housing support eligibility, requirements for buying used properties, repayment options, and associated costs.
At Baytak W Maskank (Your Home and Property), we do not directly provide real estate financing services. However, we work to offer the best suitable financing solutions for our clients through partnerships with trusted banks and financing companies. We strive to ensure that our clients secure necessary financing with the best terms and rates, helping them achieve their dreams of owning the home they desire.
The purchase amount should either be provided in cash, or if seeking financing from an authorized entity, the individual must be at least 24 years old, employed, and the specific requirements vary for the private sector.
The applicant must be a Saudi national, married, over 21 years old, and not own a first home.
If purchasing in cash, it’s advisable to seek advice from a real estate expert to guide you towards suitable areas for the specified budget and provide properties with construction and maintenance guarantees to safeguard your rights in the long term. However, if opting for ownership through real estate financing from an authorized entity regulated by the Saudi Central Bank, you must provide the following details: salary information, employer details, age, and existing financial commitments. This is to determine the available financing amount and understand the resulting installments, then choose the best option based on financial calculations.
Financing for a used property is possible if it meets the following conditions: The property’s age at the end of the financing period should not exceed 40 – 45 years, depending on the financing entity. To benefit from housing support, a building occupancy certificate is required for the property.
Providing the down payment, paying appraisal fees, administrative fees, and real estate brokerage fees.