The Equity Release Product is a real estate finance intended for clients who want to obtain cash by utilizing the value of a real estate they own as collateral.
If you wish to obtain finance for investment purpose, the “Real Estate Equity Release Finance Product” from Bank AlJazira will provide you with best opportunity to obtain the required cash.
Feature and Benefits:
- Valid national Saudi ID card
- Certificate letter of employment one-month-old or less (for employed applicants)
- Salary and end of service benefits transfer
- Bank statement for the last 3 months (for employed applicants) and last six months (for self-employed)
- Proof of all sources of income (for employees and self-employed)
- Commercial Registration and work permit for self-employed
- 2 Years financial statements except for self-employed professionals who do not have a registered company. Example: Engineers, Lawyers, etc
** Calculator Definitions
Amount: The total amount of money borrowed, also referred to as the principal amount.
Rate (%): This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years: This is the original term or length of the product, stated in years.
Effective Monthly Payment: This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%): The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.