Readymade Property

Shariah compliant products offer the opportunity to own affordable house

Ready-to-move-in property is a product designed for customers willing to obtain finance to purchase a ready-to-move-in property.


Murabaha meaning:

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 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 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.



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 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 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


*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.

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