| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Awwal Bank - Home Building Finance
|
Minimum Salary: SAR 10,000 | Salary Transfer: No | Early Settlement Fees: Yes | Maximum Term: 15 Years | Flat Rate: 3.53 | Reducing Rate: 0.0 |
Features
- Shariah-compliant financing
- Financing of up to SR 2,000,000 (minimum SR 200,000)
- Suitable for building on land or for incomplete villa construction
- Instant approval
- Repayment period of up to 15 years (minimum 5 years)
- Competitive and fixed profit rate
- Finance up to 70% of land value
- Waiver of the remaining installments in case of death or complete disability*
- Free life and home insurance against fire and natural disasters*
Documents Required
- Your completed application form
- A copy of your ID/Iqama
- A letter from your employer
- A salary transfer form
- A medical certificate
- A copy of the title deed (both sides)
- Construction quotation and home location map
- A copy of the Construction Permit
- Price offer of the land from the owner (in this case the customer)
** 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
