Real Estate Bank Outlines Loan Requirements for Housing Units
The Real Estate Bank has detailed the conditions necessary for obtaining loans aimed at purchasing housing units. On March 17, 2025, Sami Ahmed, the director of the bank’s credit department, provided essential updates regarding the application process via the bank’s official communication channels.
Loan Application Process
Ahmed stated that the Real Estate Bank has introduced an electronic application form accessible through the Ur platform. This system allows potential borrowers to submit their applications online, contingent upon the bank’s allocation and obligations concerning residential complexes.
For those interested in housing complexes, the application must be made directly through the administration of the respective complex, adhering to the bank’s available allocations after a thorough evaluation of the financial obligations associated with the loan.
Loan Conditions and Requirements
When applying for loans related to individual residential units, several key conditions must be met:
- The minimum area of the residential unit should be 100 square meters.
- Applicants must have a sponsor with a salary that is at least double the monthly installment.
- The monthly installment is set at 438,000 without accruing interest.
- A one-time administrative fee of 5% is applicable, alongside a requirement to reserve the property for the entire duration of the 20-year loan period.
These streamlined processes and clear requirements are designed to facilitate better access to housing financing while ensuring the bank’s financial integrity.