Features:
This product allows buying a property under construction and receiving it after a specified period and at a reduced price. Off-plan sales projects are subject to supervision by ""Wafi"" * and target beneficiaries of the Ministry of Housing and the Real Estate Development Fund (REDF) only.
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 - Off Plan Product :
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 5,000. "
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 5,000.
Documents required
A price offer from the developer.
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 Istisnaa & Ijarah Mosofah Bthimah.
Financing with a competitive and fixed profit rate for the whole term.
Choosing any type of property: villa/ duplex/ townhouse.
Financing amount up to SR 5 million.
Financing term up to 25 years.
Financing to own the first home only.
Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension.
Exemption from remaining repayments in case of death or permanent disability.