Real Estate Valuation Fees in Mortgage Contracts for Individuals
| No: 41070501 | Date(g): 11/8/2020 | Date(h): 22/12/1441 | Status: In-Force |
Effective from 2020-08-11 - Aug 10 2020
To view other versions open the versions tab on the right
Based on the powers granted to the Central Bank according to the related regulations, and stemming from the Central Bank's supervisory and regulatory role over the financial institutions under its oversight, and out of its commitment to apply the principles of fairness and transparency in financial transactions.
Accordingly, The Central Bank wishes to emphasize to financing entities that property appraisal fees should not be deducted from the client until the client has obtained preliminary approval for financing. Additionally, before initiating contract procedures, financing entities must inform the client that they are not entitled to request a refund of the property appraisal fees if the financing process is not completed due to a reason attributable to the client, and obtain an acknowledgment from the client to this effect.