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Additional Real Estate Financing

Additional Real Estate Financing

Additional Real Estate Financing .. You Get to Decide to Own Your Home

To allow Alinma partners to receive financing greater than the amount of the loan provided by the Real Estate Development Fund (REDF), Alinma Bank would like to collaborate with the Fund to present the additional financing program. The program enables partners approved by the REDF to receive additional financing from the bank for the purpose of buying a suitable house and on the basis of the Sharia-compliant Murabaha principle.


Benefits That Keep Pace with Your Needs

•    REDF Loan can be used as a down payment
•    Helps partners purchase appropriate property
•    Profit calculation on the amount financed only
•    Purchase property at a cost higher than financed amount
•    Exemption of partner in the event of death or permanent disability
•    Vacating and registering the property under the partner’s name and placing property under the lien of the bank and the Fund according to each party’s contribution

Requirements

•    Obtain initial approval from the Real Estate Development Fund
•    Obtain approval from the bank to provide additional financing to the partner
•    Obtain final approval from the Real Estate Development Fund upon visiting property
•    Fulfill applicable financing procedures of the bank

Acceptable Properties

•    Fully built apartments and villas
•    Property should not be older than 15 years
•    Property should not have been financed by the Real Estate Development Fund and should not have been subject to a release of mortgage
•    Property should be free from construction defects


Required Documents

•    ID card
•    Certified letter from employer indicating salary
•    Certified letter from employer verifying salary deposit with Alinma Bank
•    Letter of approval from the Real Estate Development Fund
•    Copy of deed
•    Municipality permission letter
•    In the case of duplex houses, enclose the Technical Committee report issued by the Secretariat
•    In the case of apartments, enclose the landscaping report issued by the Secretariat
•    Copy of Electricity Service Connection Application showing date of electricity connection, electrification of the meter (for new houses), and copy of last electricity bill (for old houses)
•    A croquis showing the site of the lot
•    Copy of receipt and approval of additional financing
•    Copy of proof of address certified by employer
 

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