Lease purchase terms and costs outlined

The article details the terms and conditions for offering residential units under the lease-to-own program within "Bayt Al-Omr" (Home of a Lifetime), organized by the New Urban Communities Authority. It outlines the financial and procedural requirements to determine unit prices, rules for calculating rental values, annual increases, and payment periods extending up to 20 years with interest rates ranging from 8% to 12%, depending on the value of the unit. The article also explains the conditions related to paying the contract and maintenance fees, the method of paying the deposit, rental insurance options, late fees, and procedures in case of cancellation of the allocation or non-occupancy. Additionally, the terms specify income brackets for applicants and provisions related to a property ban over 20 years. Payment options for the maintenance deposit are also detailed, whether as a lump sum or through monthly installments. The article emphasizes that the goal is to organize ownership while ensuring the rights of both parties and providing precise details about obligations and financial costs throughout the duration of the contract.

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