Features:
What are the features of the Flexible Real Estate Financing by Bank Albilad?
Sharia-compliant financing service
Financing period of up to 25 years
Competitive and fixed profit rate during the whole contract period
Available with no salary transfer for banks employees and approved sectors employees
Up to 65% for the debt burden ration ""DBR""
Ability to apply for financing jointly with one of your first-degree relatives
Early settlement is available as per SAMA regulations
No guarantor required
Bank AlBilad - Flexible Real Estate Financing by Bank Albilad :
Flat Rate
The Annual Percentage Rate (APR) varies based on the amount and maturity period and is subject to the customer's credit history.
Down Payment
Monthly Payment
Minimum Salary
3,000 Saudi riyals
Fees & Cost
Terms and Conditions
Open current account with Bank Albilad
Customer must be 20 years or older
Customer must be an employee of a public or private sector approved by Bank Albilad.
Customer's salary should be 3,000 SAR or more
Real estate must be located within urban area
Period of employment must 1 month or more at the current employer
Customer should be 70 years or younger when making the last payment
Required Documents
Customer Documents
Valid ID
ID copy for military employees
A letter from the customer's employer indicating: monthly salary (Basic and allowances), job title, date of employment
A statement of salary transfer from employer ( in case financed with salary transfer)
Real estate documents
Copy of the title deed
Copy of building permits
Copy of owner ID
Sketch of property location
Filling “property information” form
Filling “financing” form
FAQs
Is there any management fee?
The management fee is 1% of the financing amount with cap of SAR 5,000.
What is the difference between the usual real estate financing and the flexible real estate financing?
This example will illustrate the difference between the usual real estate financing and the flexible real estate financing:
A customer with a 13,000 SAR monthly salary wants to get a Real Estate Financing for 20 years while having a personal finance outstanding.
The usual real estate financing
Type of finance: Dari Finance
Real Estate Finance for 20 years 600,000 SAR Monthly installment for personal Finance (5 years) 4,000 SAR Monthly installment for Real Estate Finance (20 years) 4,450 SAR
Flexible Real Estate Financing
Type of Finance: Flexible Real Estate Finance
Real Estate Finance for 20 years 1,010,000 SAR Monthly installment for personal Finance (5 years) 4,000 SAR Monthly installment for Real Estate Finance (First 5 years) 4,450 SAR Monthly installment for Real Estate Finance (Following 15 years) 8,450 SAR
How the profit margin is calculated?
Here is an example of how the profit margin is calculated:
Home Financing Real Estate value SAR 500,000 Finance amount 90% of real estate value Type of profit margin (Fixed or Variable) Fixed Rate
APR 7.23% Management fees Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 Finance duration 30 years Type of installments Funding principal and profit
Monthly installment SAR 2,993.75 Early settlement The value of the remaining asset with an additional 3 months earnings
*Terms and conditions apply
The annual percentage rate varies based on the amount and maturity period and Subjected to the customer's credit history
Benefits:
Two in one financing from Bank Albilad!
Looking forward to getting the maximum cash you want? Bank Albilad made that possible with the flexible real estate financing. Though this program, you can now get both personal and real estate financing at the same time by optimizing your maximum credit limit.
Apply Now!"