Riyad Bank announced its intention to launch an individual financing program for off-plan real estate units after designing and developing it for individuals, and it will commit to designing and preparing the appropriate product, explaining that it will provide special reception channels for buyers“ financing requests for this type of real estate.
This came during the signing of the off-plan sales and leasing program ”Wafi“ memorandum of cooperation and understanding with Riyad Bank to finance buyers and remove obstacles (buyers and beneficiaries) to find financing solutions to own real estate units on the map and increase the level of confidence and reassurance of buyers through the supervision of the program on these projects and contribute to reducing the value of ownership of real estate units through early sale before their completion.
On this occasion, Wafi explained that the program will be committed to designing and preparing the appropriate product, explaining that it will have special reception channels for financing requests for buyers of this type of real estate. On this occasion, the Secretary General of the Off-Map Sale and Leasing Program, Mohammed bin Saud Al Ghazwani, explained that this memorandum aims to introduce the culture of early housing planning among buyers by including them in savings programs, indicating that the bank will provide real estate and personal financing programs that suit the needs of buyers and comply with the provisions of Islamic Sharia law.
Ghazwani stressed that the bank will provide real estate and personal financing programs that suit the needs of buyers and comply with the provisions of Islamic law. Al-Ghazwani stressed that Wafi will apply the procedures in accordance with the off-plan sales system to preserve the rights of buyers and beneficiaries in the event that the project fails in consultation with the trustee of the account for that project, ensuring the completion of the project or returning the amounts due to individuals and financiers through liquidation as a last option, provided that the Ministry of Housing Off-plan Sale and Leasing Committee undertakes the processes of transferring ownership of the property and emptying the mall upon completion of the project in accordance with the established system, pointing out that the Ministry immediately commits to offering the property to another beneficiary from the waiting lists in the event of the failure of the beneficiary according to the off-plan sales system.
Ghazwani stressed The committee guarantees the sending of quarterly periodic reports from the engineering consultant of the project certified by the ministry's consultant to the bank, as well as the percentage of completion of the project to pay the due payment, in addition to guaranteeing the right to similar rent in favor of the beneficiary in the event of delay in the implementation of the project according to the terms of the contract and according to the off-plan sale system.
