The Mortgage Guarantee Program Specifies the Requirements for Special Cases to Transfer an Application to a Completed Building

Revealed The Mortgage Guarantee Program, one of the Real Estate Development Fund’s initiatives, has disclosed on its website certain requirements for special cases regarding the transfer of a loan application to a completed building under the guarantor system, and these cases are as follows:

1- If the borrower (“the buyer”) is a non-employed woman, an orphan, or an heir, the following additional documents must be provided:

A completed guarantor form

A copy of the guarantor’s ID card.

Proof of the guarantor’s salary.

Three months of bank statements for the guarantor if their salary exceeds 5,000 riyals.

A SIMA declaration for the guarantor.

2- If the borrower (“buyer”) earns less than 5,000 riyals, they must provide proof of income from official sources.

3- If the borrower (”buyer”) is not employed, they must provide a one-year bank statement and any other documentation proving their ability to repay the fund’s installments.