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”.
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 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.
- 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.
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
||Fixed or Variable Rate
||Loan to Value Ratio
|| Property Market Value
| 3 Months Profit
|| 6,394 SAR
||Principal and Profit
|| 15 years
|| Fixed Rate
* 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.
Home finance 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.