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.