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How to Borrow a Mortgage Without a Guarantor (Quickly and Immediately After Retirement)

Real Estate Financing With No Coordinator | Fastest Mortgage Loans For Retirees.

There are a few options for obtaining real estate financing without a guarantor, these are the fastest:

• Government Loans: There are government programs that offer mortgage loans to retirees without the need for a guarantor. For example, the AHIP program of the Arab Ministry of Housing and Development in Saudi Arabia.
• Descending Loans: In this type of loan, the value of the loan decreases over time, making it a good option for retirees.
• Pension guarantees: Some banks accept pension guarantees as collateral for mortgage loans.
• Financing from non-traditional financing providers: There are many small financing companies that specialize in lending to investors and retirees.
• Selling other assets: Selling other assets, such as cars and jewelry, may help raise enough money to pay the initial mortgage.

I hope these are good for you. Contact the relevant authorities for details and conditions of accessing a mortgage (fast instant financing) granted to you after retirement.

Saudi Central Bank Real Estate Finance Loan: Fastest Real Estate Loan

The fastest loans from the Central Bank of Saudi Arabia for real estate financing are:

• Real Estate Purchase Loan: Allows Saudi citizens to buy a house or apartment at low interest rates, with easy installment payments for a term of up to 30 years.
• Home Improvement Loans: Help with renovations and modernization of existing homes and properties.
• Real Estate Construction Loans: Support new construction projects, whether residential or commercial.
• Real estate project financing loans: provide funds for long-term real estate projects, including real estate development projects and residential complex construction.
• Debt Consolidation Loan: Combine multiple loans and debts on a single property into one low-interest loan.

These loans are provided only to Saudi nationals and are subject to certain policies and restrictions established by the Central Bank of Saudi Arabia. These restrictions include, for example, housing loans for property values ​​below SAR 10 million.

Also read Best Personal Finance for Retirees in 2023 | Best Banks to Lend to Retirees.

I hope you enjoyed these previous real estate loans and have benefited from the relevant information displayed next to each real estate financing in the list above.

Conditions for obtaining an unsecured mortgage

These are the 8 most important criteria retirees must meet to get a mortgage without a surety:

1. Provide adequate security, such as your superannuation, bank account balances or other assets.
2. Have a steady income, usually a pension.
3. Have a good credit history.
4. Have a long-term cooperative relationship with banks or financing companies.
5. The proper age to qualify for a pension is usually 65 and over.
6. The loan amount is required to be within a certain percentage of the pension.
7. Provide sufficient income and sponsorship documentation.
8. Advance payments are made on stated terms.

These conditions may vary depending on the financier and the salary of the borrower or retiree, but in general, these are the basic conditions for obtaining any type of real estate loan without a guarantor.

I hope I was able to fully clarify what is required.

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Documents and documents required to obtain real estate financing without a guarantor

Getting a mortgage without a guarantor requires a number of important documents and papers, the most important of which are:

• Fill out the loan application form correctly.
• National ID or current residence card.
• Land and real estate are not proof of title.
• Retirement certificate certified by the authority issuing retirement pay.
• Documents proving bank account balances for the past three years.
• Notarized non-bankruptcy certificate.
• A purchase contract for the purchase of a property on a loan.
• Service Fee or Application Fee.
• Any other documents that may be required by the bank or real estate finance company.

Required documents and papers may vary by loan grantor, but in general, these basic documents must be provided in order to consider your application and obtain real estate financing without a guarantor.

It was pointed out that most authorities prefer to submit original documents with reliable copies in order to preserve them.

I hope I’ve made it clear enough. Please ask any other inquiries regarding this address.

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Do Can retirees get real estate financing in Saudi Arabia without a mortgage?

Yes, there are several options for retirees to obtain unsecured real estate financing from Saudi banks if certain conditions are met, the most important of which are:

1- Access to Social Housing Finance Loans from Real Estate Development Funds:

The program provides retirees with unsecured loans to buy or build a home. Loan sizes range from SAR 200,000 to SAR 500,000, with annual interest rates between 2.75% and 3.75%.

2- Loans subsidized by public institutions of social insurance:

The Authority provides retirees with subsidized loans, including unsecured and low-interest home finance loans, to buy or renovate a home or apartment.

3- Obtaining a guarantee from a relative or a third party:

Retirees can obtain property financing through the guarantee of a relative or one of their relatives, but banks prefer the requirements of pensioners with stable income.

I hope I helped you with the previous three options. If you have any other questions about real estate financing for retirees in Saudi Arabia without collateral or guarantors, feel free to ask them.

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