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
Saudi Awwal Bank - Land Purchase :
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.
Flat Rate
6.78%
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
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 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..