Alsoliman Real Estate and Al Rajhi Bank sign a joint agreement to finance residential real estate at the best financing profit margin up to 1.5% for five years

Tuesday, Shawwal 7, 1445 AH, corresponding to April 16, 2024

Alsoliman Real Estate Company and Al Rajhi Bank have signed a joint cooperation agreement to finance residential real estate. The agreement comes within the framework of ongoing efforts to improve citizens' ability to own housing, in line with the goals of the Housing Program - one of the programs of Saudi Vision 2030 - to provide suitable housing.

Othman Alsoliman, CEO of Alsoliman Real Estate Company, explained that the agreement is part of the strategic partnership between Alsoliman Real Estate and Al Rajhi Bank with the aim of providing housing financing solutions that serve beneficiaries of 'Sakani' or others according to their various financial capabilities and their need for suitable housing solutions and various advantages. He pointed out that the agreement provides financing for customers wishing to purchase residential units with a specified financing profit margin.

In light of this agreement, Mr. Karim Al-Qadi, Assistant General Manager of Personal Banking at Al Rajhi Bank, said, "The agreement confirms the outstanding partnership with Alsoliman Real Estate and supports the providing of financial and housing solutions to individuals, given the bank's multiple options that contribute to Saudi families owning suitable housing. This reflects the bank's strong commitment to anticipating customer needs and working to exceed expectations as well as helping them achieve their goals."

 It is worth mentioning that the agreement provides for the lowest financing profit margin for residential units in the Saudi market, reaching 1.5% for five years and 3.2% for 20 years, in addition to the Country bearing the real estate transaction tax for citizens for the first home purchase, not exceeding one million riyals of the housing purchase value. Meanwhile, the updated program provides beneficiaries with supportive and feasible ownership programs such as the soft mortgage program, real estate financing guarantees program, and other financial and housing solutions for off-plan sales, ready-made residential units, and self-building products.