Compliance with Article 12 of the Mortgage Regulations
| No: 361000068588 | Date(g): 28/2/2015 | Date(h): 10/5/1436 | Status: In-Force |
Translated Document
Effective from 2015-02-28 - Feb 27 2015
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Referring to the powers vested to SAMA under the Real Estate Finance Law issued by the Royal Decree No. (M/50) dated 13/8/1433 H. The Finance Companies Control Law issued by the Royal Decree No. (M/51) dated 13/8/1433 H. Whereas SAMA has received numerous inquiries regarding the extent to which land financing is subject to the provisions of Article Twelve of the implementing regulations of the Real Estate Finance Law issued by the decision of the Minister of Finance No. (1229) dated 10/04/1434 H.
Based on this, SAMA affirms that the financing of land for individuals by all mortgage lenders (banks and financing companies) is subject to the provisions of Article 12 of the Implementing Regulations of the Real Estate Finance Law.