Features:
• Fixed installments during the finance period
• Fixed profits during the finance period
• Mortgage the property to the bank
Saudi Awwal Bank - Ready units subsidized by REDF :
A product to finance ready-made (villa, apartment, building) or one of Ministry of Housing projects subsidized up to 500,000 SR shariah compliant and provided to REDF and Ministry of Housing beneficiaries.
It is a Murabaha based product at SABB, where the bank purchases the property at the customer’s request and lease it to the customer by monthly installments until the amount is fully paid.
Flat Rate
6.78%
Down Payment
10% لأصحاب المسكن الأول و 30% لغير ذلك
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
• Advance payment
• Flexible increasing installments according to the customer’s obligations
• Purchase outstanding indebtedness
• Financing amount up to SAR 7 Million and no less SAR150,000.
• Administrative fees 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
• Minimum Salary starting from SAR3500.
• Choosing the desired property whether (Villa, Duplex, Apartment)
• An advance payment 10% for first residence owners and 30% for others
• Property age can go until 35 years at the finance end, and 40 years if the land value is 40% of the total property value.
• Finance can be received for up to 25 years and no less than two years
• Fixed installments and generally accepted profits during the financing period for Murabhah finance requests.
• 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.