If you have extra money and want to reduce your housing loan principal with Al Rajhi bank, below are the steps.
Steps to Reduce Housing Loan Principal
- Send an official letter to Al Rajhi,
- state the amount to reduce principal
- state your saving account number with Al Rajhi
- state your housing loan account number
- authorize Al Rajhi to deduct the amount from your saving account with Al Rajhi
- sign the letter
- Ensure the amount is in your Al Rajhi bank account
- Email the soft copy letter to firstname.lastname@example.org
- Ensure Al Rajhi provide you with acknowledgement
- There is no minimum amount to reduce the principal
- It takes 7 working days to process
This information is verified as of 31st March 2020, when I made a call to Al Rajhi call centre. Better to double confirm with Al Rajhi regarding your housing loan.