Riyad Bank has added another achievement to its list by winning the award for Best Real Estate Development Financing Program of 2015 in the banking sector, following approval from the Saudi Arabian Monetary Authority (SAMA) for its off-plan sale-based lease-to-own product for licensed projects.
In recognition of this achievement, His Excellency Majid bin Abdullah Al-Hogail, Minister of Housing, honored the bank during his participation in the Riyadh Real Estate, Housing, and Urban Development Exhibition (Riyadh Restatex), which was recently held under the patronage of His Excellency the Minister of Housing and with the support and participation of the Ministry of Commerce, as well as a number of leading banks and companies in the real estate and finance sectors.
Saleh Al-Saif, Senior Vice President and Head of Products and Services at Riyad Bank, expressed the bank’s pride in this award and in being honored by His Excellency the Minister, saying: “We thank you for your trust in Riyad Bank and your appreciation of its financing programs, which Riyad Bank continues to strive to tailor to the aspirations of its customers—”the easiest, most flexible, and fastest to process in the Kingdom.’”
Al-Saif added: “At Riyad Bank, we are always keen to review the terms and benefits of our products in general, and mortgage financing in particular, with the aim of improving these products so they can meet citizens’ requirements and needs for owning suitable housing that aligns with their financial capabilities.” He highlighted the various and diverse facilities Riyad Bank offers to those seeking mortgage financing.
Al-Saif explained that among Riyad Bank’s mortgage programs is supplementary financing in cooperation with the Real Estate Development Fund, which registers the property title directly in the customer’s name and secures the mortgage with the bank’s financing share and the fund’s loan share, as well as financing for construction on land owned by the customer, in addition to the option of joint liability among up to three members of the same family or first-degree relatives.
