Off Plan Product

This product allows buying a property under construction and receiving it after a specified period and at a reduced price. Off-plan sales projects are subject to supervision by "Wafi" * and target beneficiaries of the Ministry of Housing and the Real Estate Development Fund (REDF) only.
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 Istisnaa & Ijarah Mosofah Bthimah.
  • Financing with a competitive and fixed profit rate for the whole term.
  • Choosing any type of property: villa/ duplex/ townhouse.
  • Financing amount up to SR 5 million.
  • Financing term up to 25 years.
  • Financing to own the first home only.
  • 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.

Required documents

To better serve you, kindly provide the following documents to complete your applications:
  • A price offer from the developer.
  • 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.

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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

* APR may differ depending on the amount and the maturity period different from the above example and subject to credit scoring of each customer

The bank offers a range of distinctive projects for Off Plan in various regions of the Kingdom in line with the customer's wishes and in flexible installments that meet your needs.

Project Name City Unit Type Number of Units Monthly Instalment after subsidy (start from) Project's Information
Murcia Riyadh Apartment - Town House 5,590 1,666
Alzamel House Villa 155 2,118
Sarya Alnarjis Apartment - Town House 1,984 1,045
Saraya Aljwan Town House 936 2,565
Diar Alssad Town House 577 1,953
Alnrjis View Villa - Town House 728 2,699
East Gate Villa 3,665 2,327
Ishraq Living Villa 2,229 2,062
Nessaj Town House Villa 690 2,786
Almuhndia Villa 628 2,500
Alrabia Villa 670 2,791
Maskan Haites Villa - Town House 292 3,300
Eskan Alriyadh1 Apartment 168 1,370
Jwhart Alsahab Apartment 171 1,080
Aldahia Villa 557 3,427
Nissaj Town 1 Dammam Villa - Town House 674 1,769
Nissaj Town 2 Villa 1,653 2,136
Sadeen Town House Town House 997 1,700
Maad Town House 728 1,956
Alfrida Apartment 1,396 832
Alqatief House Qatif Town House 942 1,789
Diar Alhassa Alahssa Villa - Town House 2,945 1,650
Altahlia Gate Jeddah Apartment 1,912 1,344
Aljohra Ressudenss Apartment 990 1,628
Kayala AlMuhanadiyah Villa 317 3,190
Rwabi Alhijaz Apartment 21,302 1,513
SAMA Jeddah Apartment 858 1,339
Dar Smou Villa - Town House 412 3,028
Alworrod City Taif Villa 4,775 1,665
Taj Almaseef Villa 556 2,727
Alkamees View Khmis Mushit Villa 1,988 2,066
Wahat Alkhmais Villa - Town House 1,041 1,799
Jadat Alskab Almadinah Almunawara Villa - Apartment 2,364 2,375
Dra Almadina 1 Apartment 694 925
Dra Almadina 2 Apartment 1,877 1,275
Dana Albahar Alkhobar Villa 81 3,284
Basteen Tabuk Tabuk Town House 812 1,685
Roaasan Yanbu Town House - Apartment 656 292

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