Features:
Under construction property is a product designed for customers who wish to obtain a finance to purchase under construction property. “All stages of structure’s construction have been completed”.
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 who are not supported by Real Estate Development Fund and Ministry of Housing
Banque Saudi Fransi - Incomplete Property :
Flat Rate
6.61%
Down Payment
Monthly Payment
5,992.5 SAR
Minimum Salary
The customer's monthly net income shall not be less than SAR 6,000.
Fees & Cost
Fees & Costs
**The administrative fees are 1% of the financing amount or SR 5,000 whichever is lower.
***Annual percentage rate (APR) starting from 4.86% including all fees and charges.
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 6,000.
Documents required
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.