Tag: Finance

Housing finance company aids expatriates’ in owning a house in Saudi

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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.
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#Housing #finance #company #aids #expatriates #owning #house #Saudi
( With inputs from www.siasat.com )

February 20, 2023
Petrol Price will be cheaper: Finance Minister will give big relief

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There has been no change in the prices of petrol and diesel across the country for a long time. Petrol and diesel prices are running stable across the country, but in the midst of all this, a big good news is coming out.
The price of petrol can be reduced by Rs 18 and diesel by Rs 11. For the last 10 months, the general public has not seen any change in fuel prices, but Finance Minister Nirmala Sitharaman has given a good news.
Finance Minister Nirmala Sitharaman indicated
Finance Minister Nirmala Sitharaman has hinted that there may be a big cut in the prices of petrol and diesel in the coming days. The price of petrol can be reduced by Rs.18. For this, big planning is being done by the central government.

Government is making this plan
Let us tell you that the central government is planning to bring petrol and diesel under the ambit of GST. At present, this will be discussed in the GST Council. If there is an agreement on this from the state governments, then there can be a big fall in the prices of oil. At present, fuel is taxed at the rate of 28 per cent.
Boom in february

Let us tell you that there has been a huge jump in the demand for fuel across the country in the month of February. According to the preliminary data of the industry that came on Thursday, the consumption of petrol and diesel has increased in double digits this month due to the severe cold last month. According to the data, petrol sales increased by about 18 per cent to 12.2 lakh tonnes in the first fortnight of February. In the same period last year, this figure was 10.4 lakh tonnes. This figure is 18.3 percent more than the first fortnight of February in 2021.
How much has the demand for petrol increased?
During the period under review, the demand for petrol has increased by 13.6 percent on a monthly basis. Earlier in January, the demand had decreased by 5.1 percent on a monthly basis. This decrease was due to the decrease in the movement of vehicles in the cold season. Sales of diesel, the most used fuel in the country, increased by about 25 per cent year-on-year to 3.33 million tonnes during February 1-15.
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#Petrol #Price #cheaper #Finance #Minister #give #big #relief
( With inputs from : kashmirpublication.in )

February 18, 2023
J&K Bank Smartphone Finance Scheme Check Eligibility
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NATURE OF THE FACILITY
Term loan.
PURPOSE
Purchase of Mobile Phones (IOS, Blackberry, Android and Windows based).
ELIGIBILITY
Permanent Employees/Pensioners of State / Central Government, Government / Semi-Government Undertakings & Autonomous Bodies drawing salary through our Bank and where letter of undertaking from employer is available.
Customers already availing seasoned credit facilities (aged more than 2 years) where in there have been no past dues of more than one month during the currency of the loan.
AGE
Minimum: 21 years.
Maximum age of Applicant at loan maturity: For employees Date of retirement or 60 Years whichever is earlier.
For others: 65 years.
SCALE OF FINANCE
Minimum Finance: 10,000.
Maximum Finance: 75,000 or 12 months net income for purchasing upto three Smartphones or 90% of the invoice value of the Smartphone(s) whichever is lower.
Maximum finance (in case of individual small businessmen who do not file their tax returns and do not maintain the financial statements) is 10% of the credits in the operative account of the borrower during the last 12 months or 90% of the invoice value of the Smartphone(s), whichever is lower.
For Govt. employees gross deductions should not exceed 60% of gross salary while as for others deductions should not exceed 50% of gross income.
MARGIN
10% of the invoice value
SECURITY
Primary: NIL
Collateral: NIL
PROCESSING CHARGES
350/- plus applicable GST
REPAYMENT
30 Equated Monthly Installments.
PREPAYMENT
NIL
RATE OF INTEREST (SUBJECT TO CHANGE)
1 Year MCLR + 3% (fixed)
Click here for rate of Interest
The post J&K Bank Smartphone Finance Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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#Bank #Smartphone #Finance #Scheme #Check #Eligibility
( With inputs from : kashmirpublication.in )
February 14, 2023
J&K Bank Solar Equipment Finance Scheme Check Eligibility
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PURPOSE
For Purchase & Installation Of Off-Grid Solar Lighting & Photo –Voltaic Systems (Solar Inverters). The Finance Shall Be Granted For The Purchase Of The System From Authorized Dealers Of Reputed Companies.
ELIGIBILITY
Confirmed Employees of: Government /Semi-Government Departments/Bodies/Agencies & Public Sector Undertakings.
Permanent Employees of Private Companies or Reputed Establishments with minimum 2 years association with the Current Employer and maintaining salary account with us.
Professionals, Self Employed Individuals & Businessmen with at least 2 years of experience in profession/business
Retired Govt. Employees with age not more than 70 years on maturity of loan.
Persons engaged in agricultural and allied activities.
QUANTUM OF FINANCE
Individuals: 12 times net monthly salary/ pension / income.
Persons engaged in agricultural and allied activities: Maximum of 2 times net annual income as certified by concerned Tehsildar.
The maximum quantum of finance shall not exceed Rs 50000.00
MARGIN
Nil
SECURITY
Primary
Nil
Collateral
Nil for Employees of J&K State Govt. / Central Govt. / Semi Govt. Departments/ Bodies/ Agencies and PSU’s maintaining salary accounts with our Bank.
For others- Third Party Guarantee of ONE person acceptable to Bank and having sufficient net worth to withstand the liability.
PROCESSING CHARGES
Rs. 500.00 plus applicable GST.
RATE OF INTEREST (SUBJECT TO CHANGE)
Fixed rate of interest @ 3 year MCLR plus 3 % with monthly rests.
Click here for rate of Interest
TENOR
Maximum Tenor of Loan shall not exceed 36 months.
The post J&K Bank Solar Equipment Finance Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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#Bank #Solar #Equipment #Finance #Scheme #Check #Eligibility
( With inputs from : kashmirpublication.in )
February 13, 2023
Former Pak Finance Minister to be arrested for derailing IMF deal

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Islamabad: The Pak Federal Investigation Agency (FIA) has sought permission from the Interior Ministry to arrest former Finance Minister Shaukat Tarin in a case pertaining to his alleged role in the derailment of the deal with the International Monetary Fund (IMF), a media outlet reported.
The FIA completed a preliminary inquiry into Tarin’s audio leaks and saw his leaked conversations as an ‘attempt to disrupt’ the IMF loan programme and funds, thereby ‘causing harm’ to the national interest, Dawn reported.
The probe agency sought approval of the Interior Ministry to initiate legal proceedings against Tarin, leading to his arrest, the media outlet reported, citing sources.
Two audio leaks had surfaced in August 2022 in which a man purportedly former minister Tarin can be heard guiding Khyber Pakhtunkhwa (KP) and Punjab finance ministers, belonging to the PTI, to tell the PDM coalition government in the Centre and the IMF that they would not be able to commit to a provincial budget surplus in light of the monsoon floods that wrought havoc across Pakistan.
In a notice issued to Tarin in September 2022, the FIA said that an inquiry had been initiated against his alleged role on the basis of the audio leak. “In it, you are provoking him (Taimur Saleem Khan Jhagra, Finance Minister of KP) to write a letter to the federal government on behalf of the KP government that it will not return extra money of the fiscal budget so that interruption may be created between IMF and the Government of Pakistan.”
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#Pak #Finance #Minister #arrested #derailing #IMF #deal

( With inputs from www.siasat.com )

February 12, 2023
J&K Bank Laptop Finance Scheme Check Eligibility
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NATURE OF FACILITY
TERM LOAN.
PURPOSE
To provide finance for purchase of Laptop/ PCs / Netbooks / Tablets.
ELIGIBILITY
Permanent Employees, Contractual employees, Professionals, Self-employed Individuals, Proprietorship concerns, Teachers under Rehaber-a-Taleem J&K Govt., Officials under Rehaber-a Zeerat , J&K Govt., Pensioners drawing their monthly pension through our bank.
Employees of Private Limited Companies, Private Organizations, Reputed Establishments.
Regular students of recognized schools, colleges & universities.
Regular teachers of recognized private schools (must be permanent residents of Union Territories of J&K and Ladakh).
AGE OF THE APPLICANT
Minimum age: 18 years.
Maximum age at loan maturity: For employees Date of retirement or 60 Years whichever is earlier.
For others: 70 years.
QUANTUM OF FINANCE
Maximum of Rs.1,50,000/=.
MARGIN
10%.
SECURITY
PRIMARY:
NIL for loans up to Rs. 50000/-
Hypothecation of Laptop/PC/Netbook/ be purchased, if loan amount is above Rs. 50,000.00
COLLATERAL:
Nil for:
Government employees drawing salary through our Branches & where letter of confirmation is available.
Platinum / Gold / Premium plus Current account holders, having maintained satisfactory accounts for at least last 6 months.
Cash Credit / SOD account holders having a sanctioned limit above Rs 5 lacs and minimum average utilization percentage above 60% from at least 6 months prior to this facility.
Customers having Fixed Deposit accounts of value more than Rs. 5 Lakh in the Business unit sanctioning the facility. The deposit should be more than 3 months old at the time of disbursement of the loan.
Third Party Guarantee of one person for all other categories.
PROCESSING CHARGES
NIL
RATE OF INTEREST (SUBJECT TO CHANGE)
3 year MCLR plus 2.50%, fixed.
Click here for rate of Interest
REPAYMENT
12 to 48 months in equated monthly installments.
No Pre-payment Charges
MORATORIUM PERIOD
Nil
The post J&K Bank Laptop Finance Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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#Bank #Laptop #Finance #Scheme #Check #Eligibility
( With inputs from : kashmirpublication.in )
February 12, 2023
J&K Bank Business Start-ups Finance Scheme

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To finance a new enterprise in manufacturing/services sector by entrepreneurs of age less than 45 years. The activities under this scheme include: community, social & personal service, food products, textiles, micro units, engineering like electronic, e-commerce, GSM/ GPRS based technology, IT & allied services, biotechnology like microbial, plant, medical genetics and diagnostics, health care and life sciences, tourism, handlooms, handicrafts and artisan products, beauty spas, boutique, fitness centre, kindergarten/preschool, formal school, crèches, tuition centres, media & entertainment, agriculture, e.g. pisciculture (fishery), apiculture (beekeeping), poultry, livestock, dairy, agri-clinics & agribusiness centers, aggregation agro industries, food & agro processing and services supporting these.
Preference will be given to applicants who are recommended by recognized Incubators like Shri Mata Vaishno Devi University Technology Business Incubation Center Society (SMVDU TBIC), Centre for Trainings & Skill Development (CTSD) and Centre for Incubation & Business Acceleration (CIBA) of Jammu & Kashmir Entrepreneurship Development Institute (JKEDI)/ training institutions like ITIs.
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#Bank #Business #Startups #Finance #Scheme
( With inputs from : kashmirpublication.in )

February 10, 2023
ED seized Rs 859.15 cr under PMLA in illegal loan apps cases: MoS Finance

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New Delhi: The Reserve Bank of India (RBI) has furnished a list of digital lending apps (DLAs) being used by the regulated entities (REs) of RBI to the Ministry of Electronics & Information Technology (MeitY), which in turn has shared the list with the respective intermediary (app stores) and requested them to ensure that only the apps figuring in the list are hosted on their app stores.
This was informed by Union Minister of State for Finance, Bhagwat Kisanrao Karad, in a written reply to a question in the Rajya Sabha on Tuesday.
Giving information on addressing the issue of money laundering through illegal loan apps, the minister saod that the Enforcement Directorate (ED) has been entrusted with the task of curbing money laundering under the provisions of PML Act, 2002.
The ED has initiated investigation under PMLA in several cases where the proceeds of crime have been generated and acquired by accused persons/entities through illegal loan apps, Karad said.
In these cases, the minister said that as on date, proceeds of crime of Rs 2,116 crore (approx) have been identified, out of which proceeds of crime amounting to Rs 859.15 crore has been attached/seized/freezed under the provisions of PMLA.
Further, assets amounting to Rs 289.28 crore have been seized under Section 37A of Foreign Exchange Management Act, 1999.
Giving more information, Karad said that the RBI has issued master circular on Know Your Customer (KYC) norms/Anti-Money Laundering (AML) standards/Combating Financing of Terrorism (CFT)/Obligation of banks and financial institutions under the Prevention of Money Laundering Act (PMLA), 2002.
Under this circular, banks and financial institutions have been advised to follow certain customer identification procedures for opening of accounts and monitoring of transactions of suspicious nature to avoid its misuse for money laundering and reporting the same to the appropriate authority, the minister said.

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#seized #PMLA #illegal #loan #apps #cases #MoS #Finance
( With inputs from www.siasat.com )

February 8, 2023
J&K Bank Commercial Vehicle Finance scheme

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For purchase of fresh commercial vehicles or new chassis and/or fabrication for commercial purpose or for captive use. The commercial vehicles will include passenger buses, trucks, tippers, oil and gas tankers taxis, mini buses, light commercial vehicles, tempo, auto rickshaws and any other mode of transportation under public carrier permit. The vehicles should be of approved models/makes.
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#Bank #Commercial #Vehicle #Finance #scheme
( With inputs from : kashmirpublication.in )

February 6, 2023
JK Bank Solar Inverter Finance Scheme Check Eligibility
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PURPOSE
For Purchase & Installation Of Off-Grid Solar Lighting & Photo –Voltaic Systems (Solar Inverters). The Finance Shall Be Granted For The Purchase Of The System From Authorized Dealers Of Reputed Companies.
ELIGIBILITY
Confirmed Employees of: Government /Semi-Government Departments/Bodies/Agencies & Public Sector Undertakings.
Permanent Employees of Private Companies or Reputed Establishments with minimum 2 years association with the Current Employer and maintaining salary account with us.
Professionals, Self Employed Individuals & Businessmen with at least 2 years of experience in profession/business
Retired Govt. Employees with age not more than 70 years on maturity of loan.
Persons engaged in agricultural and allied activities.
QUANTUM OF FINANCE
Individuals: 12 times net monthly salary/ pension / income.
Persons engaged in agricultural and allied activities: Maximum of 2 times net annual income as certified by concerned Tehsildar.
The maximum quantum of finance shall not exceed Rs 50000.00
MARGIN
Nil
SECURITY
Primary
Nil
Collateral
Nil for Employees of J&K State Govt. / Central Govt. / Semi Govt. Departments/ Bodies/ Agencies and PSU’s maintaining salary accounts with our Bank.
For others- Third Party Guarantee of ONE person acceptable to Bank and having sufficient net worth to withstand the liability.
PROCESSING CHARGES
Rs. 500.00 plus applicable GST.
RATE OF INTEREST (SUBJECT TO CHANGE)
Fixed rate of interest @ 3 year MCLR plus 3 % with monthly rests.
Click here for rate of Interest
TENOR
Maximum Tenor of Loan shall not exceed 36 months.
The post JK Bank Solar Inverter Finance Scheme Check Eligibility and Rate of Interest appeared first on Kashmir Publication.
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#Bank #Solar #Inverter #Finance #Scheme #Check #Eligibility
( With inputs from : kashmirpublication.in )
February 4, 2023