Al Rajhi Bank is launching a campaign for the objective to provide important information and facts about home finance. The campaign is built around three main aspects: Buying on installments or renting? Does home finance meet expectations? Is home finance complicated?
The Bank believes that home finance has a social role, which is to facilitate home ownership for a better living. Studies on a sample of customers have shown that the majority of customers consider home finance as the most important to the family than other types of finance.
The campaign clarifies the 3 consecutive easy steps that will save a lot of time and effort.
First step is to know the budget that can be borrowed, which helps in focusing the search to the property that suits the available budget. During this step, it is also necessary to get a general idea on the bank's conditions about the applicant and the property.
Second step is to search for a property and since each individual has his own needs and personal taste, there isn't any specific guide to follow. But before taking a final decision, it is recommended to seek the advice of an architect or the advice of an expert who can spot the quality of the construction and the finishing. In the case of buying through home finance, the bank always evaluates the property through specialized evaluation companies to make sure that the property is worth its price. This is one of the key features of home finance.
Third step is to apply for home finance. During this step it is important to know all the requirements and conditions of the finance to avoid any delay in the process.
The campaign also elaborates that the home ownership journey starts with knowing the amount that can be borrowed, typically, the finance people can borrow to buy a home is around 46 times the monthly salary for a 15 Year Plan and around 62 times for a 25 Year Plan.
Beside the straight forward calculation of finance based on the person's income, additional solutions can be explored. Many home finance plans are offered with the option of having a joint-applicant. This solution comes ideal for a couple where both the husband and wife are employed. If the husband income is 8,000 and the wife income is 5,000, the joint income is SR 13,000 allowing them to borrow SR 600,000 for a plan over 15 years and SR 800,000 for a plan over 25 years.
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