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This product allows you to obtain liquidity to build your own land or complete the construction of your property and get refinance upon completion of each stage of construction
Purchasing by Tawarruq means that the bank owns metals purchased from London Metal Exchange and then sells them to the customer at a fixed annual rate. After buying metals from the bank, the customer will immediately authorize the treasury department to sell these metals on his behalf by signing a power of attorney to obtain cash.
To better serve you, kindly provide the following documents to complete your applications:
|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|
*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.