Saudi Home Loans (SHL), an Islamic specialised home finance company established in January 2008, is offering Shari’ah compliant home finance to Saudi citizens and expatriates looking to buy their own property.

SHL provides home financing up to 90 per cent of the cost of the land or property (villas and apartments), at payment terms for up to 25 years for Saudis and expats. Loans can be availed by both salaried and self-employed, and without salary assignment or minimum income requirements, said a statement. 

Saudi property prices are on the increase due to demand exceeding supply. According to one study, the kingdom needs 300,000 residential units every year over the next 15 years, a total of 4.5 million.

In Riyadh, the lack of affordable homes is especially acute - a shortage of 225,000 residential units.

'The property market has changed and evolved,' said SHL managing director, Sheikh Abdullatif Al Shalash, 'But with our experience in the industry, our customers will absolutely benefit by exploring their home finance needs with us.” 

“In such a competitive housing market, buyers need professional financial advice to give them the advantage.'

'SHL’s network of home finance consultants across Riyadh during 2008 with expansion planned into the western and eastern provinces in 2009, including Arab National Bank branches and Dar Al-Arkan sites, help customers find home financing to suit them. So when they find land or property they want, they can buy straight away,” added Al Shahash.-TradeArabia News Service