This product gives you the opportunity to obtain cash in return of mortgaging your property.
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.
This product is available for all creditworthy customers and customers who are supported by Real Estate Development Fund and Ministry of Housing
- Product approved by the Shariah Committee in the form of Tawarruq.
- Financing with a fixed profit rate for the whole term.
- Choosing any type of property to mortgage it: villa/ duplex/ townhouse/ apartment building “shall be owned by the customer and not be mortgaged to another party”.
- No need for down payment.
- The property will be mortgaged by the finance amount only and remain under the customer’s name.
- Possibility of funding up to the age of 75 years.
- Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension.
- 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 5,000.
- Transferring Salary through SARIE.
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.
- A copy of a valid ID of the seller.
- Location sketch of the property.
- Fill in and sign a mortgage application.
- A copy of a valid ID.
- A detailed salary certificate mentioning the allowances (if any).
- 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.
*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.