Mortgage
Land finance by Murabaha is a product that gives you the opportunity to own a land with the specifications you want
This product gives you the opportunity to obtain cash in return of mortgaging your property.
Tawarruq meaning:
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’s features:
- 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”.
- 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.
Eligibility criteria:
- 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.
Required documents:
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.
**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.
Home finance terms and conditions
