Al-Marsad newspaper: The Saudi Central Bank issued; A new decision to obligate “Saudi banks” to a rate not exceeding 1% or 5,000 riyals, whichever is lower, as fees, commissions and costs for administrative services collected from the customer.
The decision included that the amount of “administrative fees” would not be deducted until following signing the contract, while the real estate appraisal fees were excluded from deducting administrative amounts following signing the contract. It is deducted following the customer obtains the initial approval to grant real estate financing.
Customer Protection Principles and Rules Document
The Central Bank imposed a document of principles and rules for protecting clients of financial institutions on the financing authority when granting real estate financing, according to Al-Watan.
The rules included taking an acknowledgment from the client before starting the contracting procedures, including her right not to refund the real estate appraisal fees in the event that the financing granting procedures were not completed for a reason due to him.
The real estate appraisal fee must also be returned in the event that the procedures for granting financing are not completed for a reason that is not due to the customer, and the request from the customer is canceled before the real estate appraisal.
