Alinma Bank Launches Subsidized Real Estate Financing Program
AS part of its ongoing effort to address housing needs in Saudi Arabia, Alinma bank has launched a subsidized real estate financing program aimed at providing citizens with the assistance they need to obtain affordable housing.
The launch came following final approval, by relevant ministries and authorities in the kingdom, of Alinma’s participation. Through the program, the bank will provide financing to close the gap between the established SR500,000 subsidy extended to citizens by the Real Estate Development Fund and the total cost of approved homes and apartments.
Through the program Alinma Bank will offer special package of exclusive terms and benefits that include competitive profit margin rates, registration of the property directly in the name of the partner, fixed monthly installments with flexible repayment plans, financing period of up to 20 years, special fee waivers, option to postpone the first installment, priority in-branch service, ability to open investment and savings accounts with returns and flexible investment periods and many other features.
Alinma Bank, in addition to its subsidized real estate financing program, offers a range of Shariah-compliant real estate products tailored to the needs of its partners. And through the Alinma Global Limit services, partners can pre-qualify for a total sum of financing that can then be applied across all of the bank’s financing products – real estate, auto, and personal financing.
Source: Saudi Gazette
Alinma Bank is licensed to operate in the Saudi financial services sector, a sector that has experienced positive growth in recent years and is vital to the strength of the national economy. It is in this strong economic environment that Alinma Bank will show its competitive advantages in the following areas.
Alinma Bank seeks to become an integrated financial institution that is in complete accordance with Shariah-compliant banking standards in all services and transactions. It is this dedication to higher standards that Alinma Bank believes will establish it as the touchstone for Shariah banking compliance at the local level in Saudi Arabia, at the regional level and at the broader international level.