Features:
Eligibility Criteria
• For Saudis only
• Age of applicant: minimum 21 years and maximum 70 years at maturity.
• Applicant must be listed on the REDF’s and Ministry of Housing’s finance lists.
• Employment: Working for an employer included in the Bank’s approved list of companies, retirees from the government, military or private sector.
• Service period:
For Government Sector: 1 month with current employer.
For Private Sector: 3 months with current employer.
Applicant must open a Salary Account with SAIB.
The Saudi Investment Bank - MOH ready house :
Ministry of Housing (MOH) Ready House Finance is a product from The Saudi Investment Bank (SAIB) in collaboration with REDF which allows customers to purchase ready houses in projects developed by MOH. With this product, customers will be able select a ready property in any of MOH’s developed projects and get financing from the Bank to purchase the property under Murabaha principle.
Flat Rate
7.40%
Down Payment
Monthly Payment
Minimum Salary
Fees & Cost
1% of the finance amount up to a maximum SAR 5000
Benefits:
Shariah compliant financing
Shariah compliant financing, based on Commodity Murabaha
No down payment
The customer is not required to pay a down payment in cash. The land value will be considered as down payment.
REDF Coverage
REDF will cover profit portion of the finance up to a maximum finance amount of SAR 500,000 through Madoom subsidy Program.
Takaful Life Insurance
Free Takaful life coverage against death or permanent disability –God forbid- without any medical test for finance amount up to SAR 2,500,000.
Property Insurance
Free Takaful property 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
• Copy of National ID
• Introduction letter from customer’s employer
• Letter from MOH addressed to The Saudi Investment Bank specifying the price.
• Salary transfer letter
• Account statement of the last 3 months showing last 3 salaries, verified from the previous Bank for private and military sectors only
• Copy of the “Work ID Card”specifying rank/position (to be taken post sighting of the original) – this is apply for armed forces as well (if applicable).