Mortgage Application Form Template for Saudi Arabia

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Key Requirements PROMPT example:

Mortgage Application Form

"I need a Mortgage Application Form for Saudi Arabia that's bilingual (Arabic and English) for residential properties in Riyadh, compliant with SAMA regulations and suitable for first-time homebuyers with salary transfer requirements."

Document background
The Mortgage Application Form is a crucial document used in Saudi Arabia's Islamic banking system for initiating the mortgage financing process. It is designed to comply with the Real Estate Finance Law of 2012 and subsequent SAMA regulations, while adhering to Sharia principles. The form is used when individuals or entities seek to obtain property financing through Islamic banking products. It captures comprehensive information about the applicant's financial position, employment status, existing commitments, and details about the property to be financed. The document includes specific sections for Sharia compliance declarations and incorporates all necessary regulatory requirements for mortgage financing in Saudi Arabia. It serves as the foundation for the lending institution's assessment of the application and forms part of the official documentation required for mortgage approval.
Suggested Sections

1. Personal Information: Basic details of the applicant(s) including full legal name, national ID/Iqama number, date of birth, marital status, and contact information

2. Employment Details: Current employment information, including employer name, position, length of service, and monthly income

3. Financial Information: Current financial status including existing loans, credit commitments, and monthly expenses

4. Property Details: Information about the property to be mortgaged, including location, type, size, and current market value

5. Loan Request Details: Desired loan amount, preferred tenure, and purpose of the mortgage (purchase, refinance, etc.)

6. Bank Account Information: Banking details for loan disbursement and payment collection

7. References: Contact information for personal or professional references

8. Declarations: Mandatory declarations regarding accuracy of information, consent for credit checks, and compliance with Sharia principles

9. Terms and Conditions: Standard terms and conditions of the mortgage application including obligations and rights

Optional Sections

1. Co-Applicant Information: Required when there is a joint applicant or guarantor for the mortgage

2. Business Income Details: Required for self-employed applicants or those with business income

3. Rental Income Information: Required for applicants declaring rental income as part of their earnings

4. Foreign Income Declaration: Required for applicants with income sources outside Saudi Arabia

5. Additional Property Information: Required when applicant owns other properties

6. Construction Details: Required for off-plan properties or construction mortgages

Suggested Schedules

1. Schedule A - Required Documents Checklist: List of all required supporting documents including ID proof, salary certificates, bank statements, etc.

2. Schedule B - Income Verification Form: Detailed form for income verification including salary slips and additional income sources

3. Schedule C - Property Valuation Report: Template for professional property valuation details

4. Schedule D - Credit Check Authorization: Formal authorization for credit checks and information verification

5. Schedule E - Sharia Compliance Declaration: Detailed declaration ensuring the mortgage structure complies with Islamic principles

6. Appendix 1 - Fee Schedule: Comprehensive list of all applicable fees and charges

7. Appendix 2 - Payment Schedule Template: Template showing potential payment schedules based on different scenarios

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Banking

Real Estate

Financial Services

Islamic Finance

Property Development

Mortgage Lending

Construction Finance

Housing Finance

Relevant Teams

Mortgage Processing

Credit Assessment

Sharia Compliance

Legal

Risk Management

Customer Service

Documentation

Underwriting

Property Valuation

Islamic Banking

Quality Control

Relevant Roles

Mortgage Officer

Credit Analyst

Sharia Compliance Officer

Real Estate Finance Manager

Property Valuation Specialist

Risk Assessment Officer

Branch Manager

Relationship Manager

Legal Officer

Loan Processing Officer

Financial Advisor

Islamic Banking Specialist

Documentation Specialist

Underwriting Manager

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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