Home Improvement Loans
The purpose of the loan is for house renovation, landscaping, rock blasting etc….. but not for the purchase of household items.
The maximum loan amount is SR50,000 at an interest rate of 10% (variable) and maximum loan term of 5 years.
Applicant must be over 18 years old.
Applicant should be gainfully employed and earning less than SR15,000.00 per month (proof is required).
The loan repayment term is 5 years for applicant earning under SR10,000.00 and 3 years for those earning above SR10,000.00
Applicant should provide a guarantor who is gainfully employed. If applicant cannot provide sufficient proof of income, they will also need to provide a co-applicant.
Only one HIL per household is allowed.
The loan is disbursed by installments against pro-forma invoices and upon building inspectors certification.
Latest payslip, ID card, bank statement, proof of income if self-employed are required.