Jeddah: An expatriate’s dream of owning a house in Saudi Arabia is easier as some housing finance companies are offering to provide loans.
BIDAYA Home Finance, one of Saudi Arabia’s leading non-bank providers of real estate financing products, has launched its latest innovative digital home financing product targeting residents in Saudi Arabia. The expatriates’ home financing is designed specifically to meet the demands of Saudi Arabia’s growing expatriates in the community. The unique digital financing solution offered by BIDAYA enables all eligible Saudi residents to own a home in three simple steps, said a statement released by Bidaya on Monday.
The company’s increasing line of fully digital home and real estate finance services now includes BIDAYA Home Finance for Residents. Under the direct supervision of the Saudi Central Bank, BIDAYA provides distinctive solutions, such as Ready Unit and Off-plan Unit Financing, Residential Land Financing, and Buy and Lease Back, which answer particular preferences and wants. The business has introduced its first corporate services, including financing for the purchase of residential and commercial land, financing for the development or completion of real estate projects, and financing for buy-and-leaseback transactions, the statement reads.
It said that due to the rich culture and abundant job prospects in Saudi Arabia, many of the Kingdom’s visitors already see the nation as their second home.
More and more talent from around the world is lured to the Kingdom of Saudi Arabia as the country intensifies its efforts to achieve the lofty Vision 2030 goals. The Minister of Investment, HE Khalid Al-Falih, asserts that expatriates are a crucial component of Saudi Arabia’s development story and that as the country’s economy becomes more sophisticated and varied, both the quantity and quality of expatriates would likely improve, the statement noted.
The entire product line is built on BIDAYA’s robust and cutting-edge digital platform, which speeds up the application and approval processes and has already made financing easier for thousands of KSA consumers of BIDAYA’s home financing products. In recognition of the company’s dedication to digital transformation, the Global Business Review Magazine named BIDAYA Home Finance “Saudi Arabia’s Best Islamic Digital Financing Company” for 2022, it said.
BIDAYA can be contacted on 8001181111 or www.bidaya.com.sa
Note that no expatriate can buy or lease property in the holy cities of Makkah and Madinah as it is restricted.
Expatriates can avail the service by accessing “My Services” (Khidmaty) on the Absher platform, then entering “Services” (Khidmat), then “General Services” (Al-Khidmatul Aamma), and from there to “Application for owning real estate for non-Saudis”.
The platform explained with the support of infographics that the service enables residents to apply for a permit to own a property within the Kingdom, enumerating the following three conditions.
— The foreigner should have a valid and unexpired residency ID (Muqeem).
— The resident must provide all information about the property along with a copy of the title deed.
— He or she should not have another property in the Kingdom.
