In a first for the Kingdom’s housing sector, Bank Albilad has announced the launch of a “final payment” real estate financing product as an exclusive program. The new real estate financing program provides a final payment of up to 50 percent of the value of the property. This reduces the monthly installment payable by the customer and allows for a larger financing amount.
This is in addition to the other real estate financing programs that the bank offers to beneficiaries to provide necessary funding to help them buy houses.
With the new product launch, Bank Albilad has reiterated the continuation of its efforts to offer innovative solutions and qualitative real estate financing programs aimed at providing housing options that perfectly suit the Saudi family’s needs. The bank also provides a range of home financing programs supervised by the Ministry of Municipal and Rural Affairs and Housing through the initiatives and programs of the Real Estate Development Fund and the National Housing Company.
Bank Albilad offers multiple financing solutions enabling the purchase of readymade units, in addition to an off-plan sales product, an advance subsidy program and other real estate financing programs, at competitive prices.
Bank Albilad was the first Saudi bank to provide a non-refundable product with a value of SR150,000 ($40,000) to “Sakani” beneficiaries as part of the benefits of the advance subsidy program. The bank also enables individuals to purchase a residential unit under construction through its off-plan sales program, enabling beneficiaries to obtain their dream houses during the development phase.
Bank Albilad processes all real estate financing applications of beneficiaries within five working days. This qualified the bank to win the “Best Financing Agency Award.” The award recognizes its leading role in the real estate financing sector and the development of the housing sector.
Meanwhile, Bank Albilad also exceled in customer order processing at a rate of 100 percent, reflecting its leading position as one of the best financing agencies in terms of customer experience.
