Features:
• Fixed installments during financing period.
• Fixed profits during financing 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). The product is financed under Tawarruq, 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 Transfer Letter
• Copy of Identification card
• Home Finance application form
• Sale contract
• Full Medical questionnaire if the amount above 3000,000
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.
• Financing period can be obtained for up to 30 years.
• Financing can be obtained for up to 30 years.
• Fixed installments and customary profits throughout the financing period.
• Possibility of financing up to 90% of the property value.
• The increased flexible installment allows the customer to obtain more than one product at the same time according to the customer's obligations.
• The flexible declining premium upon retirement gives the customer the benefit of reducing the premium after retirement age in proportion to the retirement salary.
• Built-in flexible installment Possibility to obtain diminishing personal and real estate financing in case the client approaches retirement age.
• The possibility of financing for the customer from the age of 21 to 65, and up to 77 in the event of retirement.