{"id":991675,"date":"2024-10-17T09:39:50","date_gmt":"2024-10-17T09:39:50","guid":{"rendered":"https:\/\/faisal-binsaedan.com\/?p=991675"},"modified":"2024-10-16T13:35:37","modified_gmt":"2024-10-16T13:35:37","slug":"renovation-loan","status":"publish","type":"post","link":"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/","title":{"rendered":"Renovation Loan: Conditions and Requirements"},"content":{"rendered":"<p><span class=\"s15\">To enable Saudi male and female citizens to renovate and complete the construction of their homes, the <a href=\"https:\/\/www.sdb.gov.sa\/en\/individuals\/individual-financing\/restoration-financing\/\" target=\"_blank\" rel=\"noopener nofollow\">Social Development Bank in the Kingdom of Saudi Arabia<\/a> has provided a renovation loan. <\/span><\/p>\n<p><span class=\"s15\">This program aims to empower Saudi citizens to renovate and complete the construction of their homes, and it is part of a suite of social financing products offered by the bank.<\/span><\/p>\n<p><span class=\"s15\">Interested individuals can submit their applications electronically through the bank&#8217;s website to obtain the loan. If you are wondering about all the details regarding renovation loans, follow along with this article.<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_76 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Page Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/#Features_of_the_renovation_loan\" >Features of the renovation loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/#Conditions_for_obtaining_a_renovation_loan_from_Social_Security\" >Conditions for obtaining a renovation loan from Social Security<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/#Requirements_for_the_renovation_loan\" >Requirements for the renovation loan<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/#Steps_to_obtain_a_renovation_loan\" >Steps to obtain a renovation loan<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/#Read_Also\" >Read Also:<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/#Amount_of_renovation_loan\" >Amount of renovation loan<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/faisal-binsaedan.com\/en\/renovation-loan\/#Conclusion\" >Conclusion<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Features_of_the_renovation_loan\"><\/span><span class=\"s17\">Features of the renovation loan<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The financing ceiling for renovation loans is up to approximately 60,000 Saudi Riyals.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The financing period extends up to 5 years.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">Amounts are repaid monthly.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">You can obtain the loan without paying any administrative fees.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">In the event of death or total disability, the loan is exempted.<\/span><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Conditions_for_obtaining_a_renovation_loan_from_Social_Security\"><\/span><span class=\"s17\">Conditions for obtaining a renovation loan from Social Security<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">To qualify for a renovation loan from Social Security, several conditions must be met, including:<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The borrower must be at least 18 and not over 70 years old.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The monthly income of the borrower must be at most 14,500 Saudi Riyals.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The guarantor must be at most 55 years of age.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The borrower must possess the property deed of the home to be renovated.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The age of the home to be renovated must be at least five years.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">At least five years must have passed since obtaining a previous loan for the same home.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The building area of the property to be renovated must not exceed 1000 square meters.<\/span><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Requirements_for_the_renovation_loan\"><\/span><span class=\"s17\">Requirements for the renovation loan<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-991669\" src=\"https:\/\/faisal-binsaedan.com\/wp-content\/uploads\/2024\/10\/image-1_-2.webp\" alt=\"\" width=\"1920\" height=\"600\" srcset=\"https:\/\/faisal-binsaedan.com\/wp-content\/uploads\/2024\/10\/image-1_-2.webp 1920w, https:\/\/faisal-binsaedan.com\/wp-content\/uploads\/2024\/10\/image-1_-2-400x125.webp 400w, https:\/\/faisal-binsaedan.com\/wp-content\/uploads\/2024\/10\/image-1_-2-1300x406.webp 1300w, https:\/\/faisal-binsaedan.com\/wp-content\/uploads\/2024\/10\/image-1_-2-768x240.webp 768w, https:\/\/faisal-binsaedan.com\/wp-content\/uploads\/2024\/10\/image-1_-2-1536x480.webp 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><\/p>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">A copy of the beneficiary&#8217;s national ID card.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">From the commercial bank the IBAN account number.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">A certified copy of the renovation permit from the municipality is valid and in effect.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">For the beneficiary, the salary must be specified, detailed, stamped, certified by the Chamber of Commerce, and not exceeding 60 days from the date of signing.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">If the property is owned through a commercial bank, the house deed or a copy of the ownership contract from both parties must be provided.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">A certificate of duration and ordinary wages provided by the Social Insurance website provided it does not exceed 60 days from the date of issuance.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">In the case of heirs or partners, a certificate of inheritance inventory is submitted, along with copies of the heirs&#8217; or partners&#8217; IDs.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">For heirs or partners, a waiver and authorization form must be submitted and signed by all heirs or partners.<\/span><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Steps_to_obtain_a_renovation_loan\"><\/span><span class=\"s17\">Steps to obtain a renovation loan<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"s19\"><span class=\"s18\">1. <\/span><span class=\"s15\">Firstly, access the website of the Social Development Bank.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">2. <\/span><span class=\"s15\">Select the &#8220;Individuals&#8221; button from the main window, then click &#8220;Individual Financing&#8221;.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">3. <\/span><span class=\"s15\">You will be presented with a list of all financing available for individuals; choose &#8220;Renovation Financing.&#8221;<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">4. <\/span><span class=\"s15\">You will find all the details related to renovation financing, including conditions and other information.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">5. <\/span><span class=\"s15\">Select &#8220;Submit Application&#8221; to apply for the loan.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">6. <\/span><span class=\"s15\">Start by accurately filling out the personal information and attaching the required documents. After ensuring all requirements are met, apply.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">7. <\/span><span class=\"s15\">Your eligibility for the financing loan will be reviewed, and you will be informed of the result later.<\/span><\/div>\n<h3><span class=\"ez-toc-section\" id=\"Read_Also\"><\/span><strong>Read Also<\/strong>:<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<ul>\n<li><a href=\"\/?p=991632\" target=\"_blank\" rel=\"noopener\">How to get a Mortgage in Saudi Arabia.<\/a><\/li>\n<li><a href=\"\/?p=991696\">Lease Agreement at Ejar and Absher Platforms<\/a><\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Amount_of_renovation_loan\"><\/span><span class=\"s17\">Amount of renovation loan<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">Financing for renovating homes built from mud is valued at 18,000 Saudi Riyals.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">Financing for renovating traditional homes can reach up to <\/span><span class=\"s20\">30,000 Saudi Riyals<\/span><span class=\"s15\">.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">Financing for renovating homes constructed with reinforced concrete has a maximum limit of <\/span><span class=\"s20\">60,000 Saudi Riyals<\/span><span class=\"s15\">.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">For the age group between 60 &#8211; 65 years old, the maximum financing amount is <\/span><span class=\"s20\">30,000 Saudi Riyals<\/span><span class=\"s15\">.<\/span><\/div>\n<div class=\"s19\"><span class=\"s18\">\u25cf <\/span><span class=\"s15\">The maximum financing amount for the age group between 65 &#8211; 70 years old is <\/span><span class=\"s20\">18,000 Saudi <\/span><\/div>\n<p class=\"s21\"><span class=\"s20\">Riyals<\/span><span class=\"s15\">.<\/span><\/p>\n<h3 class=\"s8\"><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span><span class=\"s17\">Conclusion<\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p class=\"s8\"><span class=\"s15\">You can easily access all the real estate services you need through <\/span><a href=\"https:\/\/faisal-binsaedan.com\/en\/\"><span class=\"s20\">Faisal Bin Saedan Company<\/span><\/a><span class=\"s15\">, as we are considered the optimal choice in the real estate investment field. <\/span><\/p>\n<p class=\"s8\"><span class=\"s15\">We are always here to help you find the right property without hassle. Our advisors can also assist you in selecting the best loan that suits your needs and how to obtain it.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>To enable Saudi male and female citizens to renovate and complete the construction of their homes, the Social Development Bank<\/p>\n","protected":false},"author":5,"featured_media":991667,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-991675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"_links":{"self":[{"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/posts\/991675","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/comments?post=991675"}],"version-history":[{"count":0,"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/posts\/991675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/media\/991667"}],"wp:attachment":[{"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/media?parent=991675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/categories?post=991675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/faisal-binsaedan.com\/en\/wp-json\/wp\/v2\/tags?post=991675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}