If you are looking for your dream home, it may be useful to learn about the new mortgage system in Saudi Arabia, especially since it contributes to achieving this dream easier than ever before! Thanks to this system, all Saudis can now own their homes according to very flexible financing terms, simple and fast procedures, and strong guarantees that protect everyone’s rights.
In the following lines, we will explain more details about the new mortgage system in Saudi Arabia, its importance and conditions, and how to benefit from it to make your dream a reality.
If you want to buy a new property, but you do not have the full amount to buy it in one go, here comes the role of a mortgage, which allows you to obtain suitable financing by offering the property itself as collateral for the loan.
In this case, the property is evaluated, and you must pay the due payments over long periods of time, up to 30 years. If you default on the due payments, the lender has the right to recover the property through public sale, in accordance with the procedures stipulated in this law.