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This option allows customers to obtain both personal and home financing products at the same time so that the necessary liquidity is provided to the customer in case of need when applying for a property purchase through the bank. The bank buys the property according to the customer’s request through the home financing product based on the Murabaha concept, and then sells it to the customer by monthly installments that are divided into two periods, the first period in which the premium is low due to the customer’s commitment to pay the personal finance, and in the second period the full payment is made for the home finance

 

Example

 

 Murabaha
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
Apply now for your home finance
a
Characteristics of the Murabaha concept for home loan:
  • Fixed installments throughout the financing period
  • Fixed and agreed upon profits throughout the financing period
  • Transferring the ownership of the property directly to the customer and mortgaging it to the bank.
a
Required Documents
  • Salary introduction letter(Pay Slip Letter)
  • Salary Transfer Letter
  • Identification card
  • Mortgage application form
  • The sale contract
  • Full Medical questionnaire if the amount above 3,000,000
a
Product specifications and features
  • Approved by the Sharia Board as Murabaha form.
  • Flexible, increasing installments consistent with the customer's obligations.
  • Purchase of existing indebtedness.
  • A financing amount of up to SAR 7 million, and no less than SAR150,000.
  • Exemption from paying the remaining of the financing amount in case of death or total disability.
  • Administrative fees 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT
  • Minimum Salary starting from 3500 SR.
  • Choosing the desired property whether (Villa, Duplex, Apartment)
  • 10% advance payment for the owners of the first home and 30% for others.
  • Property age can go until 35 years at the finance end, and 40 years if the land value is 40% of the total property value.
  • Home Financing may be obtained for a period of not less than two years and not more than 30 years
  • Fixed installments and customary profits throughout the financing period for Murabaha financing applications
  • Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
  • Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
  • Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.
a
Steps to get the product
  • Obtain personal finance
  • Apply for home finance
  • Valuation of customer's financial capacity
  • Initial approval for financing
  • Real estate evaluation and study of the application
  • Final approval of the financing request

Home Finance Calculator

How much you would like to borrow?

Instalment Amount :

 SR

Max Finance Amount

 SR
%

Down Payment:SR

%

Profit:SR

Disclaimer: Please note that above is only an indicative calculation as the rates may differ.
Kindly visit the branch or call us on 800 124 8888 for more details.

Retiree
REDF
Property Type
5 Years
5 Years 30 Years
SR  
SR 3,500
SR 3,500 SR 4,000,000
SR  
SR 1,000
1,000 1,00,000,000
21 Years
21 Years 70 Years
SR  
SR 30,000
SR 0 SR 4,000,000
Apply Now

Instalment Amount :

SR

Max Finance Amount  

Down Payment:

Profit:

Disclaimer: Please note that above is only an indicative calculation as the rates may differ.
Kindly visit the branch or call us on 800 124 8888 for more details.

Apply Now

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Saudi Awwal Bank, a listed joint stock company, incorporated in the Kingdom of Saudi Arabia, with paid in capital of SAR 20,547,945,220, commercial registration certificate 1010025779, unified number 7000018668, Mailing Address: P.O. Box 9084, Riyadh 11413. National Address: 7383 King Fahad Branch Rd, 2338 Al Yasmeen Dist., 13325 Riyadh, Kingdom of Saudi Arabia, Tel. +966 11 4050677, www.sab.com, licensed pursuant to the Council of Ministers Resolution No. 198 dated 06/02/1398H and Royal Decree No. M/4 dated 12/08/1398H, and regulated and supervised by the Saudi Central Bank.