Features:
• Fixed installments during the finance period.
• Fixed profits during the finance period.
• Mortgage the property to the bank.
Saudi Awwal Bank - Under construction residential units (Off plan) :
It is financing the purchase of a property under construction or what is called (off plan), whether it is (villa, apartment, townhouse) through one of the Ministry of Housing projects, subsidized profits for an amount of up to 500,000 Saudi riyals compatible with the provisions of Islamic Sharia and provided to REDF and the Ministry of Housing beneficiaries.
The product is financed under Tawarruq, where finance is provided to fulfill customer partial or full needs to construct a residence. The finance is received by payments transferred to the project developer according to progress phases schedule agreed upon with the customers at the time of contracting. And the finance is paid by monthly installments until the amount is fully paid.
SABB owns metal purchased from the global market and sells them to customers as agreed upon fixed profit rate, soon after purchasing metals from SABB, by issuing an official power of attorney for SABB, the customer can sell metal at the prevailing prices then obtain financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
Flat Rate
6.78%
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 Shariah Board as Tawarruq form
• Exemption from paying the remainder of financing amount in case of death or permanent disability (God forbid)
• A financing amount up to SAR 5 million and not less than SAR150,000
• Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
• Minimum salary starting from 3,500 SAR
• Possibility to reduce the down payment
• Financing period can be obtained for up to 25 years
• Fixed installments and generally accepted profits throughout financing period.
• 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