2023-12-22 23:30:05
The family financing service from the Social Development Bank represents one of the financing services provided by the Saudi government, with the aim of supporting families with limited income. This service allows families to obtain soft financing allocated to meet their basic needs, such as the costs of marriage, home renovation, or covering the costs of treatment, and others. It is necessary, and in this article we will take a look at the details of the family financing service from the Social Development Bank, and review the conditions for obtaining this financing, in addition to the steps necessary to submit applications.
Conditions for obtaining family financing from the Social Development Bank
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Eligibility conditions for family financing from the Social Development Bank include the following:
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The applicant must have Saudi citizenship.
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The applicant must be a permanent resident of the Kingdom of Saudi Arabia.
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The applicant must have a good reputation and CV.
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The applicant must be between 21 and 65 years old.
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The applicant must have a stable income.
Documents required to obtain family financing from the Social Development Bank
Documents required to request family financing from the Social Development Bank include:
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A copy of the national ID.
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A copy of the family registry.
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A copy of the bank statement for the last 3 months.
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A copy of the marriage contract, divorce certificate, or death certificate of the husband.
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A copy of the electricity or water bill.
Steps to obtain family financing from the Social Development Bank
The steps for obtaining family financing from the Social Development Bank are as follows:
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You can start the process by visiting one of the bank’s branches to meet your financial needs.
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Submit your application for family financing to a specialized bank employee, who will guide you and assist you in filling out the required form.
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Required documents must be submitted such as a copy of the national ID, family registry, bank statement, and other documents as needed.
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After submitting the application, you must wait for the audit and review period by the bank to make a decision to approve the application.
comments:
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Family financing from the Social Development Bank is considered a suitable option for families with limited income, as the bank provides financial benefits that facilitate the process of obtaining financing and contribute to the ease of paying installments.
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The maximum family financing from the Social Development Bank is 100,000 Saudi riyals, and the repayment period for family financing is 60 months.
Family finance goals
Family financing from the Social Development Bank aims to achieve the following objectives:
Improving living conditions: The program seeks to support Saudi families with limited income by providing financing that enhances their quality of life and contributes to meeting their basic needs.
Enhancing family stability: Family financing aims to contribute to enhancing family stability, by providing financial support that helps families better interact with financial challenges and achieve a better balance in their daily lives.
Encouraging the establishment of small and medium enterprises: The program works to motivate families to achieve financial independence by encouraging them to establish small and medium enterprises, which contributes to strengthening the local economy and generating job opportunities.
Types of family financing
The Social Development Bank provides two main services within the framework of household financing, which are:
Marriage financing: This type of financing allows individuals who are preparing for marriage or who have recently engaged to obtain financial support, and the financing is used to furnish the new home by purchasing furniture, electrical appliances, or equipping the marital home.
Restoration financing: This financing is allocated to families that need to renovate or rehabilitate their homes. The financing is used to purchase building materials or repair damage that may have occurred to the home, with the aim of improving the quality of living and maintaining the condition of the home.
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