| When offering real estate financing products to individuals, banks and real estate finance companies must comply with the following: | |
| 1- | When a client submits a request for one of the real estate financing products, the finance provider must request and study the necessary information to understand the client's financial circumstances and form a clear picture of the client's ability to meet the obligations arising from the requested financing. The provider must ensure that the product is suitable for the client. A real estate financing offer should not be made if the results of the client's ability to meet obligations do not align with the provider's approved credit-granting policies. | |
| 2- | The provider must explain the proposed real estate financing product to the client, clarifying the terms and conditions of the financing contract, especially the risks associated with the product. This explanation must be given by a qualified and responsible employee and discussed with the client in a language the client understands, in a simple and clear manner. The provider must document this explanation and may not offer a real estate financing product unless it is clear that the client understands the terms, conditions, and associated risks. | |
| 3- | The provider must offer the client a real estate financing offer that is valid for no less than fifteen working days from the date it is presented. The offer can be provided to the client in written or electronic form, according to the client's preference. The offer must include all relevant data and documents in the same format as would be signed if the real estate financing contract were executed. The offer must include the following documents: | |
| | A. | The real estate financing contract and its attachments. | |
| | B. | The disclosure form for the real estate financing offer in the format provided in Annex A. | |
| | C. | The acknowledgment form for accepting the credit risk associated with variable-rate real estate financing, in the format provided in Annex B (for variable-cost financing products). | |
| | The provider must document the client's receipt of these documents, whether provided in written or electronic form, and ensure that if the client opts for a written offer, they can take the documents off the premises. The client is free to consult others for advice. No real estate financing contract may be signed unless these documents have been provided to the client, and the client is allowed to take them off the premises. | |
| 4- | Before the offer expires, the provider must assign a qualified credit advisor who is well-versed in real estate financing products for individuals. The advisor must provide the client with a clear explanation of the nature of the proposed financing, its risks, the terms and conditions of the contract, and the repricing mechanism (if applicable). The advisor must also answer the client's inquiries transparently and clearly. The credit advisor must not be the same employee who interacted with the client before the offer or presented the offer. Documenting communication with the credit advisor is a key requirement for finalizing the contract, and this can be done through audio recordings or by signing a meeting confirmation form. No real estate financing contract may be signed unless the credit advisor has provided the required explanation to the client, answered all inquiries, and documented it. | |
| 5- | There must be a waiting period of at least five working days from the date the client receives the real estate financing offer, allowing the client time to review the offer, consult with the credit advisor, and seek external advice. The provider must encourage the client not to make any decisions regarding the property during this five-day waiting period, such as making a down payment or deposit. No real estate financing contract may be signed before the waiting period ends. | |
| 6- | Banks and real estate finance companies are prohibited from signing any real estate financing contracts for individuals unless all the above requirements have been met and documented in the financing file. | |
