Real Estate Valuation Fees in Mortgage Contracts for Individuals
| No: 41070501 | Date(g): 11/8/2020 | Date(h): 22/12/1441 | Status: In-Force |
Translated Document
Based on the powers vested to SAMA according to the related regulations, and based on SAMA's supervisory and regulatory role over the financial institutions under its supervision, and in order to apply the principles of fairness and transparency in financial transactions.
Accordingly, SAMA wishes to emphasize to financing entities that real estate valuation fees should not be deducted from the customer until the customer has obtained preliminary approval to grant financing. Additionally, before initiating contract procedures, financing entities must inform the customer that they are not entitled to request a refund of the real estate valuation fees if the financing process is not completed for a reason due to the customer, and obtain an acknowledgment from him on that.