Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Mortgage
Saudi Awwal Bank - Home and Liquidity
Description :
This option allows customers to obtain both personal and home financing products at the same time so that the necessary liquidity is provided to the customer in case of need when applying for a property purchase through the bank. The bank buys the property according to the customer’s request through the home financing product based on the Murabaha concept, and then sells it to the customer by monthly installments that are divided into two periods, the first period in which the premium is low due to the customer’s commitment to pay the personal finance, and in the second period the full payment is made for the home finance.
Documents required:
• Salary introduction letter(Pay Slip Letter)
• Salary Transfer Letter
• Identification card
• Mortgage application form
• The sale contract
• Full Medical questionnaire if the amount above 3,000,000
Features:
• Approved by the Sharia Board as Murabaha form.
• Flexible, increasing installments consistent with the customer's obligations.
• Purchase of existing indebtedness.
• A financing amount of up to SAR 7 million, and no less than SAR150,000.
• Exemption from paying the remaining of the financing amount in case of death or total disability.
• Administrative fees 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT
• Minimum Salary starting from 3500 SR.
• Choosing the desired property whether (Villa, Duplex, Apartment)
• 10% advance payment for the owners of the first home and 30% for others.
• Property age can go until 35 years at the finance end, and 40 years if the land value is 40% of the total property value.
• Home Financing may be obtained for a period of not less than two years and not more than 30 years
• Fixed installments and customary profits throughout the financing period for Murabaha financing applications
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age
Benefits:
• Fixed installments throughout the financing period
• Fixed and agreed upon profits throughout the financing period
• Transferring the ownership of the property directly to the customer and mortgaging it to the bank.
Saudi Awwal Bank - Land Purchase
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
Is a product based on the concept of Murabaha, where SABB purchases the land and sells / leases it to the customer, whereby the customer pays part of the selling price in advance while the remaining balance is paid to SABB by monthly installments over the financing period.
The bank will own the property and then sells it to the customer.
Documents required:
• Salary introduction letter(Pay Slip Letter)
• Salary Transfer Letter
• Identification card
• Mortgage application form
• The sale contract
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000.
Features:
• Fixed installments during the finance period
• Fixed profits during the finance period
• Transferring the ownership of the property to the customer and mortgaging it to the bank
Benefits:
• Approved by the Sharia Board as Murabaha.
• Easy installments that fit the customer’s obligations
• Purchase of existing indebtedness.
• Maximum financing amount SAR 3 million, and no less than SAR150,000.
• Exemption from paying the remaining of the financing amount in the event of death or total disability.
• Administrative fees 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT
• Minimum salary starting from SAR 3,500.
• Advance payment of at least 30% of the value of the land.
• Financing period of up to 20 years and not less than two years.
• Home financing may be obtained for a period of not less than two years and not more than 30 years
• Fixed installments and customary profits throughout the financing period for Murabaha financing applications
• Step up payments as per customer obligations. Allow customer to obtain 2 in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age..
Saudi Awwal Bank - Self-Construction
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
Is a product that aims to meet the requirements of customers who own their own property (land / incomplete property) and want to build a house as desired. The finance covers the customer’s partial or complete needs for construction costs, and is obtained in the form of payments according to the annex of the schedule of completion stages agreed upon with the customer at the time of contracting, and the payment is in monthly installments until the finance is fully paid.
The product is based on the Islamic tawarruq form whereby SABB owns metal purchased from the global market and sells them to customers at an agreed upon fixed profit rate. After a short period of purchasing metal from SABB, the customer has the right to issue an official power of attorney for SABB to sell metal at the prevailing prices and then obtain the amount of finance. And the land is mortgaged as a security payment for the finance.
Documents required:
• Salary introduction letter(Pay Slip Letter)
• Salary Transfer Letter
• Identification card
• Mortgage application form
• The sale contract
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000.
Benefits:
• Approved by Sharia Board as Tawarruq form
• Up to 90% of the property value can be financed.
• Financing amount up to SAR 5 Million and no less SAR150,000.
• Administrative fees 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT
• Minimum Salary starting from SAR 3500
• Choosing to construct land/ incomplete property
• A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
• Fixed installments and generally accepted profits during the financing period
• Finance period up to 30 years
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.
Saudi Awwal Bank - Ready Unit
Flat Rate
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
Ready-made unit product is a product that is based on the concept of Murabaha or leasing, where the bank buys a property according to the customer's request and then sells it / lease it to the customer by monthly installments until the financing is fully paid.
The bank will own the property and then sells it to the customer. The customer pays part of the price as a down payment while the remaining payments are paid to SABB by monthly installments over the financing period.
Documents required:
• Salary introduction letter
• Salary Transfer Letter
• Identification card
• Mortgage application form
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000
Benefits:
• Approved by Sharia Board as Murabaha
• Easy installments that fit the customer’s obligations
• Purchase of existing indebtedness.
• Financing amount up to SAR 7 Million and no less than SAR150,000.
• A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
• Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• Minimum Salary starting from SAR3500.
• Choosing the desired property whether (Villa, Duplex, Town house Apartment).
• An advance payment 10% for first residence owners and 30% for others.
• Properties can be financed until the age of 35 at the end of financing, and can be till 40 years if the value of the land is equivalent to 40% of the property value.
• Finance can be obtained for up to 30 years and no less than two years.
• 90% of first property value can be financed and 70% of else.
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.
Saudi Awwal Bank - Home Equity
Flat Rate
6.78%
Down Payment
لا يوجد دفعة مقدمة للحصول على التمويل
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
Is a product based on the concept of tawarruq, whereby the customer obtains the amount of mortgage of the property, and the land or property is mortgaged as a guarantee until the full amount is paid.
SABB owns metal purchased from the global market and sells them to customers at an agreed upon fixed profit rate. Shortly after purchasing metal from SABB, the customer can, by issuing a power of attorney to SABB, sell metal at the prevailing prices and then obtain the financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
Documents required:
• Salary introduction letter
• Salary Transfer Letter
• Identification card
• Mortgage application form
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000
Features:
• Fixed installments during the finance period
• Fixed profits during the finance period
• Mortgage the property to the bank
Benefits:
• Approved by Sharia Board under Tawarruq form.
• A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
• Financing amount of 5 Million SR and no less than 150,000 SR
• Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT
• Minimum Salary starting from 3500 SR.
• There is no advance payment to receive the finance.
• Property age can go until 35 years at the finance end, and 40 years if the land value is 40% of the total property value.
• Fixed installments and generally accepted profits during the financing period for Tawarruq finance requests.
• 70% of property value can be financed
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.
Saudi Awwal Bank - Ready units subsidized by REDF
Flat Rate
6.78%
Down Payment
10% لأصحاب المسكن الأول و 30% لغير ذلك
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
A product to finance ready-made (villa, apartment, building) or one of Ministry of Housing projects subsidized up to 500,000 SR shariah compliant and provided to REDF and Ministry of Housing beneficiaries.
It is a Murabaha based product at SABB, where the bank purchases the property at the customer’s request and lease it to the customer by monthly installments until the amount is fully paid.
Documents required:
• Salary introduction letter
• Salary Transfer Letter
• Identification card
• Mortgage application form
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000
Features:
• Fixed installments during the finance period
• Fixed profits during the finance period
• Mortgage the property to the bank
Benefits:
• Approved by Sharia Board as Murabaha
• Advance payment
• Flexible increasing installments according to the customer’s obligations
• Purchase outstanding indebtedness
• Financing amount up to SAR 7 Million and no less SAR150,000.
• Administrative fees 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
• Minimum Salary starting from SAR3500.
• Choosing the desired property whether (Villa, Duplex, Apartment)
• An advance payment 10% for first residence owners and 30% for others
• Property age can go until 35 years at the finance end, and 40 years if the land value is 40% of the total property value.
• Finance can be received for up to 25 years and no less than two years
• Fixed installments and generally accepted profits during the financing period for Murabhah finance requests.
• 90% of first property value can be financed and 70% of else
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.
Saudi Awwal Bank - Self-construction product subsidized by REDF
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
For land owner who aim to build their homes according to their need by home finance through supported profit installments for an amount of SAR500,000 compatibles with Shariah provided for REDF and Ministry of Housing.
It’s a product based on the concept of Tawarruq, where finance is provided to fulfill customer partial or full needs to construct a residence. The finance is received by payments according to progress phases schedule agreed upon with the customers at the time of contracting. And the finance is paid by monthly installments until the amount is fully paid.
SABB owns metal purchased and sells it to customers at an agreed upon fixed profit, the customer can produce an official power of attorney for SABB shortly after purchasing metal at the market prevailing prices then receive the amount of finance, to mortgage land as a guarantee until the amount is fully paid.
Documents required:
• Salary introduction letter
• Salary Transfer Letter
• Identification card
• Mortgage application form
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000
Features:
• Fixed installments during the finance period
• Fixed profits during the finance period
• Mortgage the property to the bank
Benefits:
• Financing amount up to 5 Million SR and no less 150,000 SR.
• Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• Minimum Salary starting from 3500 SR
• Choosing to construct land/ incomplete property
• A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
• Fixed installments and generally accepted profits during the financing period
• Finance period up to 25 years
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.
Saudi Awwal Bank - Under construction residential units (Off plan)
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
It is financing the purchase of a property under construction or what is called (off plan), whether it is (villa, apartment, townhouse) through one of the Ministry of Housing projects, subsidized profits for an amount of up to 500,000 Saudi riyals compatible with the provisions of Islamic Sharia and provided to REDF and the Ministry of Housing beneficiaries.
The product is financed under Tawarruq, where finance is provided to fulfill customer partial or full needs to construct a residence. The finance is received by payments transferred to the project developer according to progress phases schedule agreed upon with the customers at the time of contracting. And the finance is paid by monthly installments until the amount is fully paid.
SABB owns metal purchased from the global market and sells them to customers as agreed upon fixed profit rate, soon after purchasing metals from SABB, by issuing an official power of attorney for SABB, the customer can sell metal at the prevailing prices then obtain financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
Documents required:
• Salary introduction letter
• Salary Transfer Letter
• Identification card
• Mortgage application form
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000
Features:
• Fixed installments during the finance period.
• Fixed profits during the finance period.
• Mortgage the property to the bank.
Benefits:
• Approved by Shariah Board as Tawarruq form
• Exemption from paying the remainder of financing amount in case of death or permanent disability (God forbid)
• A financing amount up to SAR 5 million and not less than SAR150,000
• Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• Minimum salary starting from 3,500 SAR
• Possibility to reduce the down payment
• Financing period can be obtained for up to 25 years
• Fixed installments and generally accepted profits throughout financing period.
• 90% of first property value can be financed and 70% of else.
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
Saudi Awwal Bank - Land and Financing Product Subsidized by REDF
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
It is a self-construction finance based on the concept of Tawarruq for those who have land granted through the Ministry of Housing within plans and projects, and granting the Ministry of Housing to build his house according to his desire, which is through Home Finance to build housing unit on the granted land in payments subsidized profits for up to 500,000 SAR in compliance with the provisions of Sharia, the beneficiaries are provided by the Real Estate Development Fund (REDF) and the Ministry of Housing which the land was mortgaged as a guarantee until the full amount is paid.
SABB owns metal purchased from the global market and sells them to customers as agreed upon fixed profit rate, soon after purchasing metals from SABB, by issuing an official power of attorney for SABB, the customer can sell metal at the prevailing prices then obtain financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
Documents required:
• Salary Introduction Letter(Pay Slip Letter)
• Salary Transfer Letter
• Copy of Identification card
• Home Finance application form
• Valid Building Construction License
• Full Medical questionnaire if the amount above 3,000,000
Benefits:
• Approved by Shariah Board as Tawarruq form
• A financing amount up to 5 million SAR and not less than 150,000 SAR
• Administrative fees 1% of the value of financing or 5000 SR whichever is lower excluding VAT
• Minimum basic salary starting from 3,500 SAR
• No down payment
• Finance period up to 25 years
• Properties can be financed until the age of 40 at the end of financing.
• Fixed installments and generally accepted profits throughout financing period
• Up to 90% of the property value can be financed
• Exemption from paying the remainder of financing amount in case of death or permanent disability (God forbid)
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.
Saudi Awwal Bank - Home Equity Subsidized by REDF
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
It is a product based on the concept of Tawarruq which subsidized profits for up to 500,000 SAR in compliance with the provisions of Sharia, the beneficiaries are provided by the Real Estate Development Fund (REDF) and the Ministry of Housing. So, that the customer gets the amount of the mortgage then the land or real estate was mortgaged as a guarantee until the full amount is paid.
SABB owns metal purchased from the global market and sells them to customers as agreed upon fixed profit rate, soon after purchasing metals from SABB, by issuing an official power of attorney for SABB, the customer can sell metal at the prevailing prices then obtain financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
Documents required:
• Salary Introduction Letter (Pay Slip Letter)
• Salary Transfer Letter
• Copy of Identification card
• Home Finance application form
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000
Benefits:
• Approved by Shariah Board as Tawarruq form.
• A financing amount up to 5 million SAR and not less than 150,000 SAR
• Administrative fees 1% of the value of financing or 5000 SR whichever is lower excluding VAT
• Minimum basic salary starting from 3,500 SAR
• Choosing the desired property whether Villa / Duplex / Apartment
• No down payment for financing
• Property age can go until 35 years at the finance end, and 40 years if the land value is 40% of the total property value
• Financing can be obtained for a period of not less than two years and not more than 25 years
• Fixed installments and generally accepted profits throughout financing period for Tawarruq financing requests
• 70% of property value can be financed
• Exemption from paying the remainder of financing amount in case of death or permanent disability (God forbid)
• Step up payments as per customer obligations. Allow customer to obtain 2in 1 products
• Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension,
• Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age
Saudi Awwal Bank - Under construction residential units (Off plan)
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Description :
It is financing the purchase of a property under construction or what is called (off plan), whether it is (villa, apartment, townhouse). The product is financed under Tawarruq, The finance is received by payments transferred to the project developer according to progress phases schedule agreed upon with the customers at the time of contracting. And the finance is paid by monthly installments until the amount is fully paid.
SABB owns metal purchased from the global market and sells them to customers as agreed upon fixed profit rate, soon after purchasing metals from SABB, by issuing an official power of attorney for SABB, the customer can sell metal at the prevailing prices then obtain financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
Documents required:
• Salary Transfer Letter
• Copy of Identification card
• Home Finance application form
• Sale contract
• Full Medical questionnaire if the amount above 3000,000
Features:
• Fixed installments during financing period.
• Fixed profits during financing period.
• Mortgage the property to the Bank.
Benefits:
• Approved by Shariah Board as Tawarruq form.
• Exemption from paying the remainder of financing amount in case of death or permanent disability (God forbid).
• A financing amount up to SAR 5 million and not less than SAR150,000.
• Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• Minimum salary starting from 3,500 SAR.
• Financing period can be obtained for up to 30 years.
• Financing can be obtained for up to 30 years.
• Fixed installments and customary profits throughout the financing period.
• Possibility of financing up to 90% of the property value.
• The increased flexible installment allows the customer to obtain more than one product at the same time according to the customer's obligations.
• The flexible declining premium upon retirement gives the customer the benefit of reducing the premium after retirement age in proportion to the retirement salary.
• Built-in flexible installment Possibility to obtain diminishing personal and real estate financing in case the client approaches retirement age.
• The possibility of financing for the customer from the age of 21 to 65, and up to 77 in the event of retirement.