Ijarah Home Financing

Ijarah Home Financing
Owning your dream home is now easier

You can now enjoy the Ijarah Home Finance product with the promise of grant to get your dream home. This financing includes the following features:

  • Shariah compliant product in the form of Ijarah
  • Available in fixed or variable* pricing
  • Available for Salary Transfer, Non-Salary Transfer and Self-employed customers
  • Loan value starts from 85% up to 90%**
  • Maximum financing amount up to 5,000,000 Saudi Riyals
  • Financing period up to 30 years

* Fixed rate offered for first 2 years. Thereafter, 1 year SAIBOR + margin. E.g. 300bps
* * Depending on segment type : Maximum 70% LTV for second property.

 
Murabaha Home Financing

Murabaha Home Financing
A house that your family can call home

Own your home on installments with Murabaha Home Financing product. Features of this financing include:

  • An approved product by the Shariah committee in the form of Murabaha.
  • Financing with a fixed competitive annual percentage rate.
  • Available for Salary Transfer, Non-Salary Transfer and Self-employed customers.
  • Loan to value starts from 85% up to 90%*, and upto 70% from the property value for the second home
  • Maximum financing amount upto 5,000,000 Saudi Riyals
  • Financing period up to 30 years.

* Depending on segment type : Maximum 70% LTV for second property.

Murabaha Home Financing
 

Eligibility

  • Ijarah Home Financing
    • Applicant must be a Saudi National
    • The applicant must be 21 years old when applying, and not more than 60 years old at financing maturity
    • Property must be a fully completed Villa/Apartment within Riyadh, Jeddah and Eastern Province
    • Applicant’s length of service should not be less than 6 months
    • Minimum monthly salary of SAR 12,000 for salary transfer customers and SAR 15,000 for non- salary transfer customers

    Example:For a home financing of SAR 1,000,000 over 20 years, the APR will be 7.22% and the monthly installment would be SAR 7,750. In case of early settlement, 3 following months profit will be charged. Management fee of 1% from financed amount or capped at SAR 5,000 whichever is lower (including evaluation fee).
    Terms and conditions apply

  • Murabaha Home Financing
    • Applicant must be a Saudi National
    • The applicant must be 21 years old
    • Property must be a within the boarders of the Kingdom of Saudi Arabia
    • Applicant’s length of service should not be less than 3 months
    • Minimum monthly salary of SAR 9,000 for salary transfer customers and SAR 12,000 for non- salary transfer customers

    Example:For a home financing of SAR 1,000,000 over 20 years, the APR will be 7.22% and the monthly installment would be SAR 7,750. In case of early settlement, 3 following months profit will be charged. Management fee of 1% from financed amount or capped at SAR 5,000 whichever is lower (including evaluation fee).
    Terms and conditions apply

Required Documents

  • Ijarah Home Financing

    For a better experience, please prepare the following documents:

    • Copy of Title Deed.
    • A copy of building permit, and the building completion certificate.
    • A filled and signed seller’s proposal by the property owner.
    • A copy of the seller’s valid ID
    • Property location sketch.
    • Filling the home financing application form.
    • A detailed salary slip that includes the allowances “if any”.
    • A copy of the valid ID.
    • A statement of account for the last 3 months that shows receiving the salary.
  • Murabaha Home Financing

    For a better experience, please prepare the following documents:

    • The proof pf ownership.
    • A copy of building permit, and the building completion certificate.
    • A filled and signed seller’s proposal by the property owner.
    • A copy of the seller’s valid ID
    • Property location sketch.
    • Filling the home financing application form.
    • A detailed salary slip that includes the allowances “if any”.
    • A copy of the valid ID.
    • A statement of account for the last 3 months that shows receiving the salary.

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