| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Samba - Residential Apartment Building
|
Minimum Salary: SAR 5,000 | Salary Transfer: Yes | Early Settlement Fees: Yes | Maximum Term: 25 Years | Flat Rate: 5.33 | Reducing Rate: 0.0 |
Features
- Approved by the Shariah Supervisory Board.
- Finance up to SR 5 million.
- Finance up to 70% of the property value (Residential Apartment Building).
- 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.
- 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.
Representative Example
If you borrow SAR 10,000 over 3 years at a Representative APR of 4.6% fixed and an annual interest rate of 4.6% you would pay:
Payment per month – SAR 297.50 | Total charge for credit – SAR 710 | Total amount you repay – SAR 10,710
Please note, the actual rate applied to your loan will depend on your circumstances.
** 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.
