Mortgaged property and real estate residency
My villa has a bank mortgage. Can I still use it for residency?
The situation
The Real Estate Owner category requires property free of existing and future mortgages. Validity of this category is tied to keeping the property.
The law
- Premium Residency Law and product rules: Limited (SAR 100,000 a year) and unlimited (SAR 800,000) products plus five newer categories
What it means for you
You would need to clear the mortgage and obtain a clean deed first. Taking a new mortgage later can also break the condition. If clearing the loan is not practical, look at the limited duration product or another category.
What to do
- Check the deed for encumbrances.
- Clear the mortgage if feasible.
- Apply with the clean deed.
We can do this for youPremium residency for business owners and investors: choosing the right product and linking it to your company: SAR 5,000