Features:
ALASALAH Murabaha Home Finance is an Islamic home financing product approved by SAIB’s Shariah Committee. The Murabaha is a contract wherein the bank buys the property, based on your request and subject to a monthly payment plan and a fixed profit rate for the whole financing period. The Bank will release mortgage on the property once all monthly payments have been paid.
Al ASALAH home finance is available for completed (Villas, Apartments, Doplex) and land (ready for occupancy) and lands within urban areas only.
Finance duration: 5:30 Years
Finance amount: 250000 SAR : 7000000 SAR
The Saudi Investment Bank - Al Asalah Murabaha Home Finance :
The SAIB ALASALAH Home Finance facility comes with a
complimentary salary account with no minimum balance requirements. The account
also offers free cheque-book, mada Debit Card from The Saudi Investment Bank
and access to SAIB Flexx Click Internet Banking, Flexx Call contact center and
SMS Banking facilities..
Flat Rate
7.40%
Down Payment
10%
Monthly Payment
Based on the amount and maturity period.
Minimum Salary
SAR 0
Fees & Cost
Fees & Costs:
Standard SAIB loan administration fees. (1% of the finance
amount up to a maximum SAR 5000) will apply.
Requirements:
Service period:
For Government Sector: 1 months with current employer
For Private Sector: 3 months with current employer
Minimum Property size = 80 square meter
Kindly note that all finance facilities are subject to SAIB credit approval and SIMAH (Saudi Credit Bureau) verification.
Eligibility:
• Be a Saudi Citizen
• Be at least 20 years of age.
• Maximum age (as at maturity of the Finance) of 70, Considering the retirement age of the military personnel
• Work for an employer included in the Bank’s approved list.
• For joint finance, both the borrower and co-borrower must assign salary to an account with The Saudi Investment Bank
• The customer must have a salary account at The Saudi Investment Banka
Benefits:
Completed Properties
Finance available for completed properties
(Villas, apartments, Duplex) and land.
Sponsor
Guarantor not required.
Down Payment
Minimum down payment 10% For the first property
purchase price or 30% for the second property or more.
WooW Points
WooW points which you can redeem against various
unique gifts, gift cards, travel miles, cash and much more from WooW e-catalog
Takaful Life Insurance
Free Takaful life insurance coverage against
death or permanent disability without any medical test for finance up to SR
2,500,000.