Bank Aljazira lowers salary requirements for mortgages

Bank Aljazira has lowered the minimum salary required for mortgages and personal loan applications from SAR 6,000 to SAR 5,500, unnamed sources familiar with the matter told Argaam.

The Saudi lender will only consider the applicant’s basic salary, excluding pensions and social insurance allowances, the sources said.

The Saudi Arabian Monetary Agency (SAMA), the kingdom's central bank, recently made it mandatory for local banks to reschedule the debts of state employees. The adjustments will affect those with salaries and bonuses set to be cut from Oct. 2, as per the Saudi cabinet ruling announced on Sept. 27.