Riyadh-Amlak
The Saudi Credit and Savings Bank announced on its website the details of the new social loans regulation, according to the regulation, the persons covered by the provisions of this regulation are every person whose monthly income does not exceed (10,000) ten thousand riyals or his annual income (120,000) thousand riyals and the maximum value of the loan is (60,000) sixty thousand riyals.

The regulation stipulates that the applicant must not owe the bank any other loan and must be regular in repaying what he has previously borrowed from the bank. Submit the required documents and guarantees. The marriage loan must be granted for the first time, excluding those whose only wife has died, and those who divorced their only wife before entering her. The wife must be of Saudi nationality or hold a Gulf nationality. The regulation indicated that the head of the family is entitled to obtain a family loan, provided that the per capita share of the family income does not exceed (2000) riyals. The son is counted among the family members if he does not exceed twenty-four years of age unless he is employed or married. And the daughter unless she is employed or married.
As for the renovation loan, the regulation stipulates that the applicant must be at least twenty-one years old for a private house owned by the applicant or a co-owner under a legal deed, and that the house must have been built for at least five years. A period of not less than eight years is required if the bank has previously provided a loan for the same property.
No loan will be disbursed in accordance with this regulation unless there are sufficient guarantees to repay the loan, including a guarantee issued by the employer and a mortgage of at least the value of the loan. A personal guarantee from a government employee whose salary covers one-third of the monthly installment of the loan.
The regulation requires the borrower to repay the loan provided to him according to the approved monthly installments, in case the borrower fails to pay for two consecutive installments, the sponsor will be deducted. According to the regulation, the bank may demand immediate and one-time repayment of the loan, and all installments are forgiven, and the borrower is prohibited from applying for another loan for a period of five years.
The board of directors may grant loans for other cases if it is convinced of the validity of the justifications provided by the applicant, and priority is given to marriage loans. For those who apply to borrow for the first time, the bank's employees have the right to borrow under this regulation in accordance with controls set by the bank's management.
The regulation cancels all previous regulations and decisions that contradict it, and applies as of 06/15/1435 AH.