| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Al Rajhi Bank - Property Power Finance
|
Minimum Salary: SAR 5,000 | Salary Transfer: No | Early Settlement Fees: Yes | Maximum Term: 20 Years | Flat Rate: 0.0 | Reducing Rate: 0.0 |
Mortgage financing is offered through the sharia principle of Murabaha. Property Power is secured financing - alrajhi bank finances the customer's money secured against the home's value, The product is available for REDF customers and bank customers.
Features:
- Financing period of up to 25 years.
- Shariah compliant financing
- financing amount up to SAR 5 Million
- Financing up to the age of 70
- Competitive and fixed profit margin throughout the financing period
- Available for salary and Non-salary transferred customers
- Available for approved and un-approved employers
- “ waiver/exemption of outstanding finance amount in the event of death or disability”
- Flexible installment feature
- Quick and instant approvals
- Grace Period up to 3 Months
- Co- Borrower concept only for Non REDF customers
Features
- It is a personal financing product secured by the property collateral owned by the prospect customers. The property might be a Land, Villa, Apartment & or building where the customer can lien his property that has a clean title deed
Documents Required
- Application Form
- Salary Certificate sealed by the employer
- Verified copy of the national ID
- Salary Assignment letter in favor of ARB/customer current account or the approved SAREA form.
- Property Documents:
- Copy of Title Deed (both sides)
- Copy of Building permits (both sides)
- Property location sketch diagram
- In case LAND dimensions are mismatched between the title deed and the ground, a letter from municipality to be obtained.
** 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
