Transfer your REDF loan to Bank Albilad with a lower monthly installment with Buyout for REDF customers Buyout for REDF customer program aims to buy your real estate debt from another bank to Bank Albilad with a lower profit margin and to continue supporting the Real Estate Development Fund (REDF)

What are the features of the Buyout for REDF customers by Bank Albilad?

Lower monthly installments.
Support from the Real Estate Development Fund (REDF) is continued.
Requesting an additional loan in addition to the value of the debt buyout.
A stable and competitive profit margin throughout the financing period
Financing tenor up to 30 years
Complies with the regulations of the Sharia Committee of Bank Albilad
Possibility of financing without salary transfer for clients of banks and sectors approved by the bank
The speed of completion of all procedures until execution.
The possibility of early repayment at any time based on the regulations of the Central Bank of Saudi Arabia

Terms and Conditions

Open current account with Bank Albilad
Customer must be 20 years or older
Customer must be an employee of a public or private sector approved by Bank Albilad.
Customer's salary should be 3,000 SAR or more
Customer should be 70 years or younger when making the last payment
Real estate must be located within urban area
Real estate should be completed.

Required Documents

Customer Documents

Valid ID
Filling the client's declaration and disclosure of his personal obligations.
ID copy for military employees
Filling “financing” form
A statement of salary transfer from employer ( in case financed with salary transfer)
A letter from the customer's employer indicating: monthly salary (Basic and allowances), job title, date of employment
A debt proof certificate by the bank from which it was transferred.

Real estate documents

Copy of the title deed
Sketch of property location
Real estate division form (if any)
Copy of owner ID

FAQs

Is there any management fee?

The management fee is 1% of the financing amount with cap of SAR 5,000.

Is it possible to transfer the real estate debt if the property is incomplete?

No, the debt cannot be transferred to Bank Albilad if the property is uncompleted.

A customer has a real estate financing of 600,000 riyals in another bank for tenor of 16 years and wants to transfer the debt to Bank Albilad. Can the customer transfer the debt over a period of 20 years?

The customer cannot be financed for a tenor of more than the tenor of the original debt, and the maximum period is 240 months

Is it possible to raise the financing value by an amount higher than the value of the real estate debt?

Yes, this is possible, the RE debt and the additional finance should not exceed 90% of the Real estate price

How the profit margin is calculated?

Through the diminishing balance mechanism, the annual profit is distributed based on the financing amount in monthly installments and on the basis of the value of the remaining balance of the original amount

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To call Bank Albilad from Saudi Arabia: 8001230000, and from outside the Saudi Arabia: 00966920001002

8001230000

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All Rights Reserved © 2024 Bank Albilad is a Saudi joint stock company, with National Unified No. 7001473102, Head Office: Al Mutamarat 8229, Building No 2, RIYADH 3952 - 12711, KSA. Under monitoring and supervision of Saudi Central Bank and licensed by Royal decree 48/M on 1425/9/21H (4/11/2004 G).

Buyout for REDF customers