Features:
Terms and Required documents
• A statement of salary transfer from employer ( in case financed with salary transfer)
• Buying an old property and transferring it in the name of the customer and mortgaging it to the bank
• Copy of building permits
• Copy of the title deed
• Monthly expense declaration form
• Valid ID
• Salary certificate from employer
• Sketch of property location
• The client obtains a demolition permit and demolishes the property
• Minimum age of 18
• The bank will make sure that the property is demolished and start paying the construction payments to the customer.
• Construction batches are 4 or 5 batches depending on the customer segment.
• Minimum service 3 months
• Filling "financing" form
Al Rajhi Bank - Self-Construction (Demolish & Reconstruct) :
This concept falls under the umbrella of the self-Construction financing, where the customer can buy an old property and then demolish it and rebuild it according to the customer’s desire and based on the available credit limit.
Flat Rate
Down Payment
Monthly Payment
Minimum Salary
SAR 5000
Fees & Cost
Benefits:
• Shariah compliant financing
• financing period up to 30 years
• Possibility of early repayment at any time at the request of the customer.
• Concessional financing
• Available for salary and Non-salary transferred customers
• Available for approved and un-approved employers
• Quick and instant approvals
• Flexible installment feature
• Competitive and fixed profit margin throughout the financing period
• “ waiver/exemption of outstanding finance amount in the event of death or disability”
• Obtaining financing approval quickly and in record time
• Possibility of financing retired clients