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Under construction property is a product designed for customers who wish to obtain a finance to purchase under construction property. “All stages of structure’s construction have been completed”.
Features and Benefits
Murabaha meaning:
Purchasing by Murabaha means that the bank purchases the property at its actual value and sells it to the customer at
a higher deferred value including profit margin.
This product is available for all creditworthy customers who are not supported by Real Estate Development Fund
and
Ministry of Housing
Product’s features:
- Product approved by the Shariah Committee in the form of Murabaha.
- Financing with a competitive and fixed profit rate for the whole term.
- Choosing any type of property: villa/ duplex/ townhouse/ apartment building.
- Financing term up to 25 years.
- Financing amount up to SR 5 million.
- Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension.
- Step up payments as per Customer Obligations – advanced finance (2 in 1)
- Exemption from remaining repayments in case of death or permanent disability.
Eligibility criteria:
- The customer must be at least 20 years old.
- Open a current account if he does not have one.
- The customer's monthly net income shall not be less than SAR 6,000.
Required documents:
To better serve you, kindly provide the following documents to complete your applications:
- A copy of the title deed.
- A copy of the construction permit + construction completion certificate in case there is no electricity service (not including land and under construction property).
- Fill in and sign the seller’s offer form by the property owner.
- A copy of a valid ID of the seller.
- Location sketch of the property.
- Fill in and sign a mortgage application.
- A detailed salary certificate mentioning the allowances (if any).
- A copy of a valid ID.
- pay slip of the last three months if the customer works for a semi- government or private sector.
- Account statement for the last three months indicating the receipt of the salary.
| Example: Disclosure of the cost rates of a 15-year mortgage for the first home | |||||||
|---|---|---|---|---|---|---|---|
| Early payment Charge | Monthly Repayment Amount | Payment Type | Maturity Years | *APR | Fixed or Variable Rate | Loan to Value Ratio | Property Market Value |
| 3 Months Profit | 6,394 SAR | Principal and Profit | 15 years | 6.81% | Fixed Rate | 90% | 800,000 |
* APR may differ depending on the amount and the maturity period different from the above example and subject to credit scoring of each customer
*Subject to terms and conditions.
**The administrative fees are 1% of the financing amount or SR 5,000 whichever is lower.
***Annual percentage rate (APR) starting from 4.86% including all fees and charges.
Home finance terms and conditions
