reports indicate that the Social Development Bank in Saudi Arabia has introduced a significant increase in the marriage loan amount, now set at 72,000 Riyals for Saudi citizens. This loan can be repaid in manageable installments over a four-year period, making it more accessible for newlyweds.
Notably, the bank has included a provision that forgives the loan in the event of the borrower’s death, as outlined in the insurance policy terms. This ensures peace of mind for borrowers and their families.
To qualify for the loan, applicants must be between the ages of 18 and 70. However, individuals with a monthly income exceeding 14,500 Riyals will not be eligible. The loan is intended specifically for first marriages, though it may also be granted for a second marriage if the previous spouse has passed away.
Applicants are required to submit a certified marriage certificate, and it’s important to note that loans will not be approved if more than two years have passed since the marriage took place. This stipulation helps the bank manage its loan disbursement effectively.
In related news, the Passport Department in Saudi Arabia has urged resident foreigners to renew their residency permits promptly upon expiration. A three-day grace period is allowed for renewals after the permit expires, ensuring that residents remain compliant with regulations.
The increase in the marriage loan amount reflects the government’s commitment to supporting families and encouraging marriage among Saudi citizens, while the provisions regarding eligibility and repayment aim to ensure responsible lending practices.
