Saudi Awwal Bank - Ready Unit :
Ready-made unit product is a product that is based on the concept of Murabaha or leasing, where the bank buys a property according to the customer's request and then sells it / lease it to the customer by monthly installments until the financing is fully paid.
The bank will own the property and then sells it to the customer. The customer pays part of the price as a down payment while the remaining payments are paid to SABB by monthly installments over the financing period.
Flat Rate
Down Payment
Monthly Payment
Minimum Salary
SAR 3500
Fees & Cost
Administrative fees: 1%
Documents required:
• Salary introduction letter
• Salary Transfer Letter
• Identification card
• Mortgage application form
• Medical questionnaire
• Full Medical questionnaire if the amount above 3,000,000
Benefits:
• Approved by Sharia Board as Murabaha
• Easy installments that fit the customer’s obligations
• Purchase of existing indebtedness.
• Financing amount up to SAR 7 Million and no less than SAR150,000.
• A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
• Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• Minimum Salary starting from SAR3500.
• Choosing the desired property whether (Villa, Duplex, Town house Apartment).
• An advance payment 10% for first residence owners and 30% for others.
• Properties can be financed until the age of 35 at the end of financing, and can be till 40 years if the value of the land is equivalent to 40% of the property value.
• Finance can be obtained for up to 30 years and no less than two years.
• 90% of first property value can be financed and 70% of else.
• Step up payments as per customer obligations. Allow customer to obtain 2in 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.