Features:
Eligibility Criteria
For Saudi nationals only
Age of Applicant: Minimum age is 21 years and maximum age at maturity is 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, and retirees (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
The Saudi Investment Bank - Unit under construction (off plan) :
Unit under construction (off plan) is a Murabaha-based home finance product offered by The Saudi Investment Bank in collaboration with the Real Estate Development Fund (REDF) and the Ministry of Housing (MOH), which allows customers to buy the property they want to own from the Ministry of Housing’s (MOH) approved development projects through accredited real estate developers. The product also extends the benefits offered by REDF under Madoom and Moyassar Programs.
Flat Rate
7.40%
Down Payment
Monthly Payment
Minimum Salary
Fees & Cost
1% of the finance amount up to a maximum SAR 5000
Benefits:
Murabaha principle
Down payment coverage by REDF
Down payment coverage by REDF up to 5% through Moyassar Program
Coverage of finance profit based on RDEF support Matrix
REDF will cover profit portion of the finance up to a maximum finance amount of SAR 500,000 through Madoom Program
Takaful Life Insurance
Free Takaful life coverage against death or permanent disability, God forbid, without any medical test for finance up to SAR 2,500,000
Property Insurance
Free Property Takaful 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
Payment Base
Project Payment is based on project construction progress which is approved as per developer’s contract
Roshn Group and Talaat Moustafa Group
You can now apply for off-plan property products from Roshn Group and Saudi Arabia Talaat Moustafa Group.
Required Documents
• Filled finance application form
• Introduction letter from employer
• Account statement of the last 3 months showing last 3 salaries, verified from the previous bank
• Copy of the “Employee ID Card” specifying rank/position (to be taken post sighting of the original) – for armed forces, if applicable
• Salary certificate from employer or last salary slip
• Copy of the construction Contract between the customer and the developer
• Developer Quotation addressed to the Bank