Live in your dream home with the first of its kind financing feature from Saudi Home Loans
Riyadh, KSA, 11 August 2022: Saudi Home Loans (SHL), a specialised Islamic home finance company, is launching for the first time in the Kingdom a unique home financing feature known as ‘balloon payment’. This type of home financing feature gives individuals increased access to affordable financing and fulfils their ambitions for owning their dream home sooner.
A balloon payment is a financing feature that caters to everyone’s needs with monthly instalments that can be adapted to suit the fluctuations of a person’s income to better accommodate their financial circumstances and requirements.
For home financing, this feature gives the borrower more flexibility whereby they can choose to have lower monthly payments based on any variability in their salary and other financial commitments, thus allowing them to enjoy a better standard of living while paying the remaining lump sum at the end of the financing period, which can extend up to 30 years.
Bandar Alghamdi, CEO of Saudi Home Loans Company (SHL), said: “Saudi Home Loans is always looking at ways to offer a wide range of home financing solutions that are innovative and cater to the various needs of customers in Saudi. A balloon payment is the first-of-its-kind for this sector and gives customers greater choice and accessibility to the home financing market while easing their monthly payment requirements. Eligibility for this feature is across all segments, including individuals who are close to retirement.”
About Saudi Home Loans
Saudi Home Loans (SHL) is a Saudi joint stock company established in 2008 by the Arab National Bank, Dar Al Arkan and the International Finance Corporation. It is home to elite employees, a professional executive team that comprises of a group of highly skilled and experienced individuals in the real estate financing sector. SHL is among the first Saudi companies to specialize in Sharia compliant real estate financing with a wide portfolio of products catering to all segments.
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