Land and Financing Product Subsidized by Real Estate Development Fund (REDF):
It is a self-construction finance based on the concept of Tawarruq for those who have land granted through the Ministry of Housing within plans and projects, and granting the Ministry of Housing to build his house according to his desire, which is through Home Finance to build housing unit on the granted land in payments subsidized profits for up to 500,000 SAR in compliance with the provisions of Sharia, the beneficiaries are provided by the Real Estate Development Fund (REDF) and the Ministry of Housing which the land was mortgaged as a guarantee until the full amount is paid.
SAB owns metal purchased from the global market and sells them to customers as agreed upon fixed profit rate, soon after purchasing metals from SABB, by issuing an official power of attorney for SABB, the customer can sell metal at the prevailing prices then obtain financing amount, and the land is mortgaged as a guarantee until the full amount is paid.
| Tawrruq |
|Early payments fees ||Monthly Installment* ||Payment Method ||Financing Period ||APR* ||Variable or fixed profit margin ||Max Financing Amount ||Property Value |
|Profits for the next three months || 3,030.00 ||Principal amount plus profit margin || 25 Years || 6.78% ||Fixed || 90% || 500,000 |
|*The annual percentage rate and the monthly installment may change based on the value of the financing, the financing period, and the profit margin currently approved by the bank |
Rates/prices presented are examples and they may vary depending on different factors such as the customer’s credit history and worthiness.