RIYADH, 4 May 2007 — Al-Rajhi Bank has launched a new mortgage program for private and commercial properties. “The long-term repayment facility, which can go up to 25 years in a staggered schedule and the provision to include family member or friend has made this program highly popular among those who are planning to own real estate,” the bank said in a statement released yesterday.
The minimum income requirement is a monthly salary of SR2,000. Al-Rajhi also offers Watani Loan Program, which is basically designed to secure loan facility to purchase stocks.
A large number of customers have found the Islamic Shariah-compliant Watani loan useful in helping them obtain what they need or desire.
The Watani loan facility is available for anyone — men and women alike — without a down payment or sponsor for women customers. One can walk down to an Al-Rajhi branch and choose a flexible repayment period of up to 60 months if he or she applies for Watani loans.
Al-Rajhi Bank, which has sponsored the ongoing Real Estate & Architectural Development Exhibition in Riyadh, has many other home financing and investment programs.
Al-Rajhi’s stand at the exhibition displays a range of investment and financing products and services.
The bank has grown from a strong base serving the needs of the nation. It is one of the largest joint stock companies in the Kingdom.
It has more than 500 branches and has over 1,600 ATMs installed in different parts of the Kingdom, in addition to over 12,000 point-of-sales (PoS) strategically installed.