| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Samba - Ready/ Under Construction Apartments
|
Minimum Salary: SAR 5,000 | Salary Transfer: Yes | Early Settlement Fees: Yes | Maximum Term: 25 Years | Flat Rate: 5.33 | Reducing Rate: 0.0 |
We understand how important it is for you to own a residential apartment. We also understand that home financing should be Shariah-compliant, simple, convenient and transparent.
Features
- Approved by the Shariah Supervisory Board.
- Finance up to SR 3 million.
- Finance up to 85% of the property value (Apartment).
- Repayment period up to 25 years.
- No guarantor required.
- An option of joint ownership with a first-degree relative to get a higher finance amount.
- You can repay earlier than the tenure you have availed.
- Fixed profit rate.
- With Bayt Al-Khair your profit rate will never change during the entire tenure of the finance and therefore your monthly installment will never change.
- In case of death or permanent total Medical disability, God forbid, all outstanding amounts will be considered paid subject to terms and conditions of insurance policy.
- Free Takaful property insurance.
Documents Required
- Completed Application Form
- A clear photocopy of a valid ID
- Certificate of employment stating job title, joining date, monthly income and allowances (if any)
- Salary transfer letter from employer
** Calculator Definitions
Amount:
The total amount of money borrowed, also referred to as the principal amount.
Rate (%):
This is the annual interest rate on the product which is equivalent to APR, which is going to be calculated in this example.
Years:
This is the original term or length of the product, stated in years.
Effective Monthly Payment:
This is the effective monthly payment, which takes into consideration fees and other costs associated with this product. The effective monthly payment is the basis for the APR calculation.
Calculated Annual Percentage Rate (%):
The Calculated Annual Percentage Rate (APR) is determined using the annual interest rate of the product plus fees and other costs. This rate may differ from bank to bank. APR is useful when comparing two or more products with different interest rates and fee structures.
