Features and Benefits

  • Certified by the Sharia Board in the form of Ijarah-Mawsufa-fi-al-Dhimmah (Forward Ijarah).
  • Low purchase price
  • Financing with a competitive profit margin
  • Obtaining housing subsidy
  • A guarantee of the implementation risks and delays.
  • A guarantee against construction defects and implementation errors, such as electricity and plumbing.
  • The possibility of reducing the required down payment by 5% through the down payment reduction program.
  • Financing period of up to 25 years.
  • All sources of income are taken into consideration.
  • DBR up to 70% of the total monthly income.
  • Takaful insurance for exemption from the remaining amount of the financing in the event of death or disability (God forbid).
  • Free property insurance against fire and natural disasters for the duration of the financing
  • Low installment during the Istisna'a period.
  • The Projects are under the supervision of the Off-Plan Sales Committee (Wafi)
  • The possibility of obtaining a personal loan to finance the down payment

APR starts from 5.19% which includes all fees

 

* Administration and evaluation fees are 1% of the total amount of funding or up to      5,000 and subject to 15% Value Added Tax (VAT). 

 

 

 

All the fees are subjected to 15% Value Added Tax (VAT)

For Examples of declaration tables  click here

Eligibility

  • The applicant must be a Saudi national.
  • Obtaining the approval of the Real Estate Development Fund / Ministry of Housing.
  • Good credit history.
  • Minimum applicant age is 18 years and doesn’t exceed 70 years at maturity.
  • Work service for at least 6 months for private sector employees, 3 months for semi-governmental sector employees, and without a minimum service for government and military.
  • The minimum total monthly income is      3,000.

Subsidy Level

  • Subsidize up to 100% in paying profit of mortgage finance      500,000 maximum.

Required Documents

  • A copy of a valid national ID card.
  • A salary identification certificate not exceeding one month's issuance date, certified by the Chamber of Commerce (in case the salary is not transferred).
  • A Salary transfer letter (in case of salary transfer).
  • A bank account statement for the last 3 months showing the deposit of the salary (for the employee), or a bank account statement for the last 6 months (for self-employed).
  • A letter of confirmation (in case the salary in the identification certificate differs from the account statement).
  • Financial statements for the last two years (for self-employed).
  • Social insurance certificate (required in some case where entities are not listed in the bank).
  • A copy of the commercial registration (for self-employed).
  • A quotation form from the developer
  • The unit diagram approved by the developer
  • Unit specifications approved by the developer

Real Estate Finance Application Form

Risks related to the mortgage product