Talaat Hafez, Secretary-General of the Media and Banking Awareness Committee and spokesperson for Saudi banks, revealed that a credit record in “Sama” for a customer who is in default on full credit card payments negatively affects their ability to obtain mortgage financing from banks.

Hafez explained that banks view a customer’s credit history as a unified record before granting any type of financing, whether real estate or otherwise, and therefore any payment default by the customer that appears on their credit history—whether regarding credit card payments or other obligations—will certainly affect their eligibility for further financing.

Regarding banks offering mortgage loans to all citizens—not just those above the middle class—Hafez said that banks do not discriminate between middle-income customers and those with financial solvency, as long as the customer has a good credit history, the ability to meet their obligations and make payments, and the financing terms are consistent with the bank’s credit policies.