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Can Foreigners or Ex-pats Get Mortgage For Buying Land and Property?

BusinessCan Foreigners or Ex-pats Get Mortgage For Buying Land and Property?

Yes, Foreigners(Ex-pats) can get Bank Loans and Mortgages for buying Land or property or home in Saudi Arabia, KSA.

Need A Loan For Home Purchase?

Bank loans are usually available to Saudis aged 18 and above and employed in an approved job for at least six months. The banks require a minimum salary of SR 3,500 to SR 6,000. 

Foreigners, too, can apply for home loans under the same conditions provided they have approval from the KSA’s Interior or Foreign Ministry. 

How Can Ex-pats get home loans Mortgage In Saudi Arabia?

To get a home loans mortgage as an ex-pat in KSA, ensure that you have a 5-15% down payment on the property cost before buying.

Calculate your monthly income and expenditure. The Mortgage cost should not exceed 33.33% of your Salary. Banks will check these figures to determine your eligibility. 

Where Can Ex-pats Get Home Mortgages in KSA?

Seventeen(17) banks offer various personal loans and mortgage products in Saudi Arabia. There are currently 43 loan products on offer. 

The following resource offers 40+ home loan options for Saudi nationals. However, they are increasingly available for foreign nationals provided they have the Saudi Ministry of the Interior’s approval to purchase a home in Saudi Arabia. 

Search here, enter your monthly Salary in the left column, and use the mortgage calculator available on the page to see the available mortgages.

The calculator will show a list of banks and institutions offering loans for ex-pats. It will give the required salary level and mortgage period. 

Note the banks advertise the loans as ‘for Saudi nationals only.’ However, banks will consider ex-pats for mortgages. You have to check at the banks.   

Ex-pats Personal Loans: Where can you get these in Saudi Arabia?

Do consider applying for a personal loan. You can use this loan in buying your property or home in the Kingdom of Saudi Arabia, KSA & the personal loan amounts and lending terms vary from a mortgage loan. 

Filter your selection for ‘ex-pats at the following resource. 

Although the result will show no home loans available for foreigners(ex-pats), some banks will consider loans after approval from the concerned KSA Ministry.

You can click the links to specific bank websites and loan companies for further details on new loan options.  

Mortgage for Ex-pats. How Much Can You Get In KSA?

Banks generally offer SR 1,500,000 loans for home purchases, where the minimum Salary required by the banks is SR 3,000 to SR 5,000.

Some banks require a higher salary, while others accept a lesser salary. These loans cost 1%-9% depending on the loan type and the lending company/bank.  

Typically, Al Rajhi Bank calculates the total loan amount at 58 times your monthly salary for 20 years. And 82 times the salary for 30 years. 

So, if you earn SR 15,000 per month and multiply it by 58, you get SR 870,000 and qualify for a 20-year loan. The calculation for a 30-year loan period is SR 15,000 x 82 = SR 1,230,000.

Al Rajhi Bank offers personal loans and home financing to foreign nationals. Check their website above in blue.

Factors that determine the loan amount 

  • monthly SalarySalary 
  • credit report
  • monthly expenditures
  • applicant’s ability to repay
  • property Value
  • loan tenure

Personal financing is available for five years, while home mortgages are for up to 30 years.

Process period for an Ex-pat Home Loan or Mortgage approval in KSA?

Banks will provide home loans within one to four weeks so long you have completed all the necessary documentation.

What Documents Do Ex-pats Need To Apply For A Home Loan or Mortgage In KSA? 

Required Documents

  • Application Form filled online or hard paper copy
  • Employment Verification Letter (With SalarySalary) Signed and sealed by the employer or the Chamber of Commerce 
  • Approval from the Ministry of The Interior or Foreign Affairs, Applied through Absher (2 weeks to 1 month)
  • Copy of Iqama (Residency Permit) Attested
  • Salary Letter (or) Bank Customer Account (or) SAREA Form in favor of an ARB with Approval
  • Copy of the Title Deed showing both sides
  • Aqar or Property agents Price quotation for the Land/Property
  • Copy of Building Permit showing both sides
  • Architect’s Plan of Land or Property, drawing and showing the location
  • Pictures of the Land or Property with a location map and photos
  • A Letter from the Municipality (Baladeya) is required if Land Dimensions Differ between Title Deeds and the Plan

The following Saudi banks offer housing loans:

  1. The Saudi National Bank
  2. Al Rajhi Bank
  3. The National Bank
  4. Bank Saudi Fransi
  5. The Riyadh Bank  
  6. The Arab National Bank 
  7. The Development Bank
  8. The Alimna Bank
  9. The Bank Al Bilad

Recommended: Top Ten Banks In Saudi Arabia