| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Awwal Bank - Easy Mortgage from REDF
|
Minimum Salary: SAR 10,000 | Salary Transfer: No | Early Settlement Fees: Yes | Maximum Term: 0 Years | Flat Rate: 3.53 | Reducing Rate: 0.0 |
It is a financing program tailored for the clients of the Ministry of Housing and Real Estate Development Fund who wish to obtain governmental support through Alawwal Bank to purchase the convenient house. Through this program, the client can obtain financing faster, and on behalf of the client, the Ministry / Fund will guarantee 5% of the property value to a maximum limit of SR 40,000 to the bank as part of the required down payment.
Types of properties to be financed:
Financing options and formats:
- Murabaha
- Off-Plan Finance (sale of properties on map)
- Home Building Finance
Types of properties to be financed:
- Ready apartments
- Apartments/villas through a sale program on the map (off-plan)
- Ready Villas
- Home building on land owned by the client
Eligibility:
- Must be a beneficiary of the subsidized financing program (Easy Mortgage Program).
- Must be a single applicant (i.e. not applicable to co-borrower)
- Minimum salary is SR 10,000
- Minimum duration in current job: 3 months
- Age: from 21 to 60 years
Features
- Shariah compliant.
- Available for the beneficiaries of Real Estate Fund / Ministry of Housing only.
- Your downpayment is 10% for the first house and 30% for the second house.
- The Ministry / Fund will guarantee 5% of the property value to a maximum limit of SR 40,000
- finance you up to SR 2 million.
- You can defer your first 6 payments.
- Your remaining repayments would be waived in the event of death or complete disability.
- You’re insured against fire and natural disasters.
- Possibility of transferring your loan from another bank.
Documents Required
- Client documents
- Fill out the real estate financing application form
- Copy of ID / Residence ( Iqama)
- Letter of Introduction from the employer
- Salary Transfer Form
- Certificate form of health declaration.
- Property documents
- A copy of the title deed (both sides)
- Stipulated right of cancellation form signed by property owner*
- A copy of the owner's ID
- Location map of the home and price quotation*
- Separation Report from Municipality (for unseparated villas)
- A copy of the construction license
** 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.
Representative Example Calculator
