Buyout for REDF customers

​Transfer your REDF loan to Bank Albilad with a lower monthly installment with Buyout for REDF customers Buyout for REDF customer program aims to buy your real estate debt from another bank to Bank Albilad with a lower profit margin and to continue supporting the Real Estate Development Fund (REDF)


What are the features of the Buyout for REDF customers by Bank Albilad?


  • Lower monthly installments.
  • Support from the Real Estate Development Fund (REDF) is continued.
  • Requesting an additional loan in addition to the value of the debt buyout.
  • A stable and competitive profit margin throughout the financing period
  • Financing tenor up to 25 years
  • Complies with the regulations of the Sharia Committee of Bank Albilad
  • Possibility of financing without salary transfer for clients of banks and sectors approved by the bank
  • The speed of completion of all procedures until execution.
  • The possibility of early repayment at any time based on the regulations of the Central Bank of Saudi Arabia

Terms and Conditions 


  • Open current account with Bank Albilad
  • Customer must be 20 years or older
  • Customer must be an employee of a public or private sector approved by Bank Albilad.
  • Customer's salary should be 3,000 SAR or more
  • Customer should be 70 years or younger when making the last payment
  • Real estate must be located within urban area 
  • Real estate should be completed. 

Required Documents


Customer Documents 

  • Valid ID 
  • Filling the client's declaration and disclosure of his personal obligations.
  • ID copy for military employees
  • Filling “financing” form
  • A statement of salary transfer from employer ( in case financed with salary transfer)
  • A letter from the customer's employer indicating: monthly salary (Basic and allowances), job title, date of employment
  • A debt proof certificate by the bank from which it was transferred.

Real estate documents

  • Copy of the title deed
  • Sketch of property location
  • Real estate division form (if any)
  • Copy of owner ID

FAQs


Is there any management fee? 

The management fee is 1% of the financing amount with cap of SAR 5,000. 

Is it possible to transfer the real estate debt if the property is incomplete?

No, the debt cannot be transferred to Bank Albilad if the property is uncompleted.

A customer has a real estate financing of 600,000 riyals in another bank for tenor of 16 years and wants to transfer the debt to Bank Albilad. Can the customer transfer the debt over a period of 20 years?

 The customer cannot be financed for a tenor of more than the tenor of the original debt, and the maximum period is 240 months

 Is it possible to raise the financing value by an amount higher than the value of the real estate debt?

 Yes, this is possible, the RE debt and the additional finance should not exceed 90% of the Real estate price

How the profit margin is calculated?

Through the diminishing balance mechanism, the annual profit is distributed based on the financing amount in monthly installments and on the basis of the value of the remaining balance of the original amount


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