What loans does Social Security offer? Its conditions and how to apply for it?

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  • January 14, 2024
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What is a Social Security loan? The Saudi government provides citizens with social security loans and financing programs for broad segments and groups of society to cover their needs, through the Social Development Bank and a set of financing services and programs that it provides.

Through this article, we will learn more about the Social Security loan, and what loans does Social Security provide? What are the conditions for obtaining a loan from Social Security?

What is a Social Security loan?

A large percentage of people depend on financing loans provided by banks, as they help them meet their needs and face the difficulties of life, and the Development Bank in the Kingdom of Saudi Arabia has worked to provide multiple programs for social security loans.

Questions have increased about these loan programs, so today in this article we will provide the most important details about the Social Security loan, what its types and conditions are, and how to apply for it.

What is a Social Security loan?

The Social Security loan is a financing program that is provided to a specific category of citizens who have the need to apply for Social Security, but you cannot obtain a Social Security loan until all the required conditions are fully met.

Terms of social security loans

The conditions vary from one program to another according to Social Security loans. In this paragraph, we will present to you the loans provided by Social Security with the conditions for each financing as follows:

1. Social Security Loan

You can apply for a Social Security loan by following a set of necessary steps, which are as follows:

  • First, you will have to go to the Social Development Bank’s website, or you can do so directly from here.
  • If you have an account, you must log in directly. If you do not have an account, you must create an account.
  • The site will ask you to add all personal information about yourself.
  • Then select the loan you would like to apply for.
  • In the next step, you must select the bank branch closest to you.
  • At the end of these steps, an appointment will be scheduled for you by the bank. You will have to go on the specified date and submit all the papers and documents that the bank needs.

2. Marriage financing loan

This type of loan is for young people about to get married only, and the loan is granted if the monthly income is less than 10 thousand Saudi riyals.

Marriage financing loan conditions

  • The loan is granted if this is the applicant’s first marriage exclusively, and if the person’s wife is deceased or divorced before consummation, he will be excluded and the loan will be granted.
  • Also, the applicant’s wife must be of Saudi nationality or must be a citizen of the Gulf Cooperation Countries. If the wife is from any Arab country other than the Gulf Cooperation Countries, the applicant must obtain marriage approval from the competent authorities in the Kingdom of Saudi Arabia.
  • A delivery form must be submitted and can be obtained by mail. The form must contain the applicant’s data and the employee’s data as well.
  • An official marriage contract must be submitted by a court in Saudi Arabia, and the contract must be less than two years old.
  • An original copy of the applicant’s IBAN account number must be submitted.
  • If the person’s first wife is deceased, a death certificate must be submitted for the deceased wife.
  • It is also necessary to provide some necessary proof, such as personal identity, family registry, and other personal data.
  • If the applicant is an employee in the government or private sector, he must submit an account statement for at least the last 3 salaries.
  • A valid data permit must be obtained from the website of the Ministry of Interior in the Kingdom of Saudi Arabia.
  • If the applicant is a government employee, Form 104 must be submitted containing all the applicant’s data and details.
  • If the applicant is an employee working in the private sector, he must submit Form 105 containing all the required data and information.
  • Finally, if the applicant is retired, Form 106 must be submitted.

note:

The models that we talked about in the last three items can be obtained through the Social Development Bank.

3. Family finance loan

The family financing loan is provided to families with limited income. The aim of providing the loan is to help the family bear the burdens of life.

Conditions for obtaining a family finance loan

To obtain a family financing loan, a set of necessary conditions must be met, which are as follows:

  • Submit a mail delivery form, which can be obtained from the post office, provided that the form contains the applicant’s data and the postal employee’s data as well.
  • If the applicant is an employee, he must submit an account statement for the last 3 months.
  • If the applicant is an employee in the government sector, he must submit a printed Form 104 that contains all the required data, adding the necessary signatures and seals as well.
  • If the applicant works in the private sector, he must submit Form 105 containing all the required details.
  • If the applicant is a retiree, Form 106 must also be submitted, and you can obtain it in full from the Social Development Bank.
  • Submit a valid data permit from the Ministry of Interior in the Kingdom of Saudi Arabia.
  • A data declaration must be submitted for children who are at least 18 to 24 years old, in addition to copies of their birth certificates as well.
  • A copy of the family registry must be submitted.
  • You will need to provide your IBAN account number.
  • A copy of the applicant’s ID must be submitted.
  • A detailed salary statement must be submitted, stamped, signed and declared by the sponsor.
  • Submit a copy of the sponsor’s ID.

4. Loan to finance restoration

This type of loan is provided to a specific category of citizens who wish to renovate their homes or who wish to rebuild them.

Conditions for obtaining a restoration financing loan

  • First, the applicant must be at least 21 years old.
  • A title deed must be submitted for the house to be restored.
  • The house must be at least 5 years old, otherwise the application for a renovation loan will be rejected.
  • Also, at least one year must have passed since ownership of the property, or two years must have passed if the property was sold between first-degree relatives.
  • If the applicant has previously obtained the loan, a minimum of 8 years must have passed since he obtained the loan.
  • The property area must not exceed 1000 square metres.
  • If the house is built of mud, the value of the house must be no less than 18 thousand riyals.
  • If the house is public, its value must be no less than 30 thousand riyals at the maximum.
  • If the house is built of reinforced concrete, its value must be a maximum of 60 thousand riyals.
  • There are some other important requirements and conditions related to obtaining the loan, which relate to the applicant’s income level, his job, and whether he is an employee in the government sector or the private sector. You can find out about these complete details through the Social Development Bank website.

Read also: Steps to apply for a Social Security loan without a guarantor

Link to apply for a Social Security loan and how to apply

After we learned about the types and conditions of the Social Security loan, below we will learn how to apply for the Social Security loan. Follow the following steps:

  • First, go to the Social Security website here.
  • Choose from the list of electronic services.
  • Then click on the pensions icon.
  • After that, log in to the Social Security website.
  • Then enter all of the applicant’s data.
  • Then click to agree to all terms and conditions and then click Submit.
  • Thus, you have successfully completed the application process and have to wait for a response.

Conclusion

Now that we have reached the end of our article, my dear followers, we have presented to you in this content above the details of the Social Security Loan. If you are facing difficulty in facing the hardships of life and you need money, you can resort to one of the financing loans provided by the Social Development Bank in the Kingdom of Saudi Arabia. We hope that the article is useful.

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