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Buyout for REDF customers

Buyout for REDF customers
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Buyout for REDF customers
​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)
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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 25 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

 
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  • ​​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

How can I open a current account through Albilad App?
How can I open a current account through Albilad Net?
How can I request the printed Mada Card after I open my new account online?
How can I activate my Albilad net account?
Once I receive my mada debit card, how can I activate it?
If I don't have an Absher account, How do I authenticate my current account opening using the fingerprint ATM?
How Can I open a supplementary account through Albilad App?
How Can I open a supplementary account through Albilad Net?
What security settings can I change on my online checking account?
What are the services that I cannot avail by opening my account online?