Mortgage risk. Between repayment obligation (2)
Poll: Abdullah al-Salih
real estate financing is one of the important pillars that help build or own a home, and the competent authorities have set regulations, controls and facilities for it.
Amlak Real Estate Newspaper conducted a survey on the best ways to obtain real estate financing, what are its potential risks, and how the beneficiary avoids default.
Youssef Almasoudi: 3 conditions to avoid the risk of default
On the same topic, Youssef Al Masoudi, financial advisor and CEO of Solutions for Investment and Real Estate Finance, said that mortgage financing provides multiple benefits for beneficiaries who are employees of government and semi-government bodies and large companies, especially since it is supported by the Residential Program.
Youssef Al Masoudi, financial advisor and CEO of Contracts <a style="color: #800000; He explained that the best way to obtain financing to build a home in light of the high land prices through the Ministry of Housing is through the land and loan product, pointing out that the risks of mortgage financing enable the customer to default on installment payments, due to the exaggerated choice of the area or location of the property in proportion to the number of family members and their financial condition.
According to Al-Maoudi According to Al Masoudi, the risks of real estate financing also lie in the haste of individuals to buy real estate without knowing its suitability for the family and its monthly income, in addition to the lack of knowledge of many individuals about banking culture, although the real estate advisor was launched recently, but it has not been properly activated.
The CEO of Contracts and Solutions for Real Estate Investment and Finance provided a set of tips for mortgage beneficiaries to avoid the risk of defaulting on installment payments, namely the need to choose the right time if there are offers at interest rates, choosing the right house for the family, preferably an apartment in the beginning if the family is at the beginning of its life, as well as getting rid of all existing financial obligations first before applying for a mortgage, so that there are no other additional burdens represented by the large number of installments required to be paid by individuals.
Massoudi believes that many individuals are not familiar with the banking culture despite the fact that the real estate advisor was launched recently, but it has not been properly activated.
Masoudi believes that real estate financing has had a positive impact on the residential sector in the Kingdom and the Saudi economy over the past five years, as it contributed very significantly to the recovery of the real estate sector, which contributed to supporting economic growth in the Kingdom.
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