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.
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 | |||||||
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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.