All those who are about to get married are looking for the conditions for the marriage loan, which is provided by the Social Development Bank to all citizens. It is expected that the marriage loan will return starting next October 2024, after it was stopped for a specific period in order to make some updates. This financing targets young people who are about to get married, and provides them with assistance to meet their marriage needs, whether male or female, and we will provide all the conditions and advantages through the article.
Marriage loan conditions 1446
The Social Development Bank has imposed several conditions that must be met by applicants for Marriage financingThese conditions are very important because they prove the eligibility of the applicant for support over others. These conditions are as follows:
- The applicant for support must be a Saudi citizen who permanently resides in the Kingdom of Saudi Arabia.
- The applicant’s income must not exceed 14,500 Saudi Riyals.
- The applicant must be between 18 and 70 years old.
- A guarantor must be available who is not more than fifty years old.
- The marriage contract submitted for financing must not have been more than two years old.
- The marriage contract must be the first marriage contract for both parties, and this condition is exempted in one case, which is if the first wife is deceased.
- The wife must be added to the family register.
- It is necessary to submit all documents, the most important of which is the marriage contract.
Marriage financing features
There are several advantages to marriage financing, despite the existence of some problems, such as paying the financing with interest if any and the prohibition of this act, but these advantages provided work to provide the best form of assistance to young people who are about to get married, as these advantages come with the following:
- The financial value of the marriage loan starts from 18 thousand Saudi riyals and reaches about 60 thousand Saudi riyals.
- The financing period is up to four years.
- There are no administrative fees to be paid when applying for financing.
- Financing is waived in the event of death or disability.
- Financing is also paid on a monthly basis.
