Features:
Eligibility Criteria:
• Saudi nationals (men and ladies)
• Minimum and maximum age of applicant: 20 years – 75 years
• Applicant must be listed on the REDF’s and Ministry of Housing’s finance lists
• Employment: Employees of government, semi-government, military and private sectors (Bank’s approved list of companies)
• Service period:
• For Government Sector: No minimum period of service required
• For Semi – Government: 3 months maximum
• For Private Sector: 3 months with current employer
• Applicant must open a Salary Account with SAIB and assign salary
• Minimum Property size = 80 square meter
The Saudi Investment Bank - Madoom and Moyassar home finance :
REDF supported subsidized financing (profit amount) of up to SAR 500,000 of the financing amount with 100% coverage for citizens with salaries up to SAR 14,000
This is a subsidized house finance product in cooperation with REDF for the eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists and wish to apply for government-supported SAIB home finance where REDF bears the profit amount on the finance amount of up to SAR 500,000.
Flat Rate
7.40%
Down Payment
10% for first house, or 30% for any additional property
Monthly Payment
Minimum Salary
Fees & Cost
1% of the finance amount up to a maximum SAR 5000
Benefits:
Profit Amount
Subsidy on the profit amount by REDF for finance amount up to SAR 500,000 (subject to REDF’s criteria)
Down Payment Requirement
Down payment requirement (10% for first house, or 30% for any additional property)
Life Coverage
Free Takaful life coverage against death or permanent disability –God forbid- without any medical test for finance up to SAR 2,500,000
Shariah-compliant
Property Insurance
Free Takaful property insurance coverage against fire and natural disasters such as floods, storms, earthquakes and resulting damages
Debt Burden
Maximum debt burden ratio (DBR) is 65% out of the gross income
Required Documents
• Filled finance application form
• Introduction letter from employer
• Salary certificate from employer or last salary slip)
• Copy of employee ID card specifying rank/position (for armed forces, if applicable)
• Account statement of 3 months, showing last 3 salaries and verified by the bank