Features and Benefits

  • Financing amount up to SR (8,000,000).
  • Financing up to 90% of the property value*.
  • Tenure up to 25 years.
  • Competitive rate**.
  • Considering all sources of income.
  • Debt Burden Ratio up to 70%.
  • Takaful insurance to waive the outstanding balance in case of death or disability (God forbid).
  • Free of charge property insurance against fire and natural disasters throughout the financing period.
  • The minimum income can be reduced “if match the conditions” as follows:
    • For ready-units:
      • SAR 3,000 minimum income (salary transferred).
      • SR 10,000 minimum income (non-salary transfer).
    • For self-construction / off plan:
      • Minimum income (salary transferred): SR 3,000.
      • Minimum income (non-salary transfer): SR 10,000.

* Financing up to 95% if eligible for the Down Payment Reduction program.

* APR starts from 5.19%.

* Administration and evaluation fees are 1% of the total amount of funding or up to SR 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

Subsidy Level

 

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

Eligibility

  • Saudi national.
  • Applicant does not own an existing house, and the mortgage finance demand for first residential house.
  • Have approval of MOH/REDF.
  • Good credit history
  • Minimum applicant age is 18, and does not 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.

Property specifications

  • Ready unit (Vila “separate / duplex”, apartment), or Off-Plan sale.
  • Registered property with an independent title deed.
  • Property located within a residential area.
  • Property age does not exceed 20 years at the beginning of the mortgage financing and 40 years at finance maturity.
  • Property is vacant and ready for housing.

Required Documents from client

  • Copy of valid national ID card.
  • Salary Certificate (the validity is one month), certified by Chamber of Commerce (if salary is not transferred).
  • Salary transfer letter (for salary transferred).
  • A bank account statement for the last 3 months of the salaries deposit (for the employee), or bank account statement for the last 6 months (for self-employment).
  • A confirmation letter from employer to validate salary amount in case of difference between Salary Certificate and Bank Account Statement.
  • Financial Statements for last two years (for self-employment).
  • Social insurance certificate (in the case of employer not enrolled in the bank).
  • Copy of the Commercial Register (for self-employment).

Property Required Document:

  • Copy of the company's Commercial Register or national ID of the property owner is.
  • Copy of the title deed
  • Sketch showing the property location and its basic info, the name and address of current owner.
  • Municipality permit (construction permit).
  • The house price quotation catered by the owner.
  • Property electricity bill (issued within last 3 months)

Risks related to the mortgage product