NCB has already implemented the "Real Estate Additional Loan" product by completing the first transaction of Mr. Hani Al Muqham to be the first Saudi citizen who gets an additional loan at an amount of SR1.3m, in addition to REDF's loan to make real his dream of possessing a house of life. Mr. Zahid Hummusani handed the cheque over to the customer during the agreement signing ceremony.
Al Abdani said, "It is a joint financing program between the REDF and the banks or financing institutions. The amount of REDF's loan will be added to the additional loan amount from the financing institution, so that the Saudi citizen can purchase a property with a price higher than the REDF's loan or purchase a piece of land then can benefit from REDF's loan to build a house on it. In addition, those who possess a piece of land and wants to start building before getting the REDF's approval, or those who want to buy a structured house with the intention of early settlement upon getting the REDF's approval, can also benefit from this additional loan."
He added, "REDF will not have any restraints on the amount that the citizen will take from the bank, confirming that these contracts subject to the Real Estate and Financing Regulations, and this will be by mutual agreement with the banks. We agreed with the Ministry of Justice to facilitate the consolidated mortgage procedures and the land. This will be under the name of the financial institution, not the borrower. This way, the citizen will benefit from this, and at the same time we facilitate his loan from the financial institution or and REDF."
According to Al Abdani, launching of the "Additional Financing Program" will largely contribute in solving the problem of housing and acquisition of lands. It will also help increase the supply, as when the citizens purchase the units, this will reduce the property prices after sometime. This can be one of the good financing alternatives.
Hummusani said, "The Additional Loan Program will contribute in solving the problem of housing in the Kingdom, as the citizens who got the approval for loan but cannot put to use due to their financial status will benefit from the program. It will enable them to purchase houses or lands through financing loans, and then they can build the house through REDF's loan."
He added, "The lending processes will be implemented in all NCB branches in big main cities."
Hummusani affirmed that NCB is always keen to contribute in all efforts that promote the real estate development and meet the citizens' desire to possess houses through various solutions. He pointed out that NCB supports the real estate sector in the Kingdom, and actively participate in financing the citizens' different real estate and residential needs through a unique package of residential financing products and various benefits provided by the Bank.
On his part, the Saudi citizen Hani Al Muqham expressed his gratitude being the first citizen to smoothly complete the additional financing procedures through the excellent service of NCB and the easy procedures of REDF.
Source: http://www.ameinfo.com/national-commercial-bank-bank-complete-procedures-336443
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