المملكة: finance "Home renovation" From the Social Development Bank…conditions and value of the financial amount

The Social Development Bank gives beneficiaries the opportunity to renovate the home and improve the quality of life in a way that suits the needs of different beneficiaries.

Whether the home needs comprehensive maintenance or partial improvements, this Financinggrants the beneficiary the amount necessary to complete the restoration with ease and flexibility. The product is applied for completely electronically, without the need to visit bank branches.

The applicant’s age must not be less than 18 years and not more than 70 years.
The applicant’s income must not exceed 14,500.
The applicant must have a deed of ownership of the house.
The age of the house must not be less than 5 years.
The land area of ​​the building to be restored must not exceed 1,000 square meters.
The age of the sponsor must not exceed 55 years.
/>If you have previously obtained renovation financing for the same property; A period of no less than five years must have passed from the date of disbursement of the previous financing

(Houses built of mud): The maximum financing limit is 18 thousand riyals.
(Popular homes): The maximum financing limit is 30 thousand riyals.
(Houses built with reinforced concrete): The maximum financing limit is 60 thousand riyals.

A copy of the applicant’s ID.
IBAN account number, certified by Renewalvalid from the municipality.
A certificate of periods and contributory wages whose issuance date does not exceed 60 days from the social insurance website (if the applicant is subject to the social insurance system).
If there are heirs or partners; The following files are required to be shared:
Identity copies of all heirs or partners.
A copy of the inheritance inventory instrument.
A waiver and power of attorney form (click here) certified by the mayor and the police and signed by all heirs or partners.
Copies of the identities of the witnesses who signed the waiver and power of attorney form.

(Age groups over 60 and under 65 years): The maximum financing limit is 30 thousand
(Age groups over 65 and less than 70 years): The maximum financing limit is 18 thousand