Features:
Ready-to-move-in property is a product designed for customers willing to obtain finance to purchase a ready-to-move-in property.
Murabaha meaning:
Purchasing by Murabaha means that the bank purchases the property at its actual value and sells it to the customer at a higher deferred value including profit margin.
This product is available for all creditworthy customers and customers who are supported by Real Estate Development Fund and Ministry of Housing.
Banque Saudi Fransi - Home Finance Readymade Property :
Flat Rate
6.90%
Down Payment
Monthly Payment
6,187 SAR
Minimum Salary
The customer's monthly net income shall not be less than SAR 5,000.
Fees & Cost
Requirements
The customer must be at least 20 years old.
Open a current account if he does not have one.
The customer's monthly net income shall not be less than SAR 5,000.
Documents required
To better serve you, kindly provide the following documents to complete your applications:
A copy of the title deed.
A copy of the construction permit + construction completion certificate in case there is no electricity service (not including land and under construction property).
Fill in and sign the seller’s offer form by the property owner.
A copy of a valid ID of the seller.
Location sketch of the property.
Fill in and sign a mortgage application.
A detailed salary certificate mentioning the allowances (if any).
A copy of a valid ID.
pay slip of the last three months if the customer works for a semi- government or private sector.
Account statement for the last three months indicating the receipt of the salary.
Eligibility
The customer must be at least 20 years old.
Benefits:
Product approved by the Shariah Committee in the form of Murabaha.
Financing with a competitive and fixed profit rate for the whole term.
Choosing any type of property: villa/ duplex/ townhouse/ apartment building.
Financing term up to 25 years.
Financing amount up to SR 5 million.
Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension.
Step up payments as per Customer Obligations – advanced finance (2 in 1)
Exemption from remaining repayments in case of death or permanent disability.