Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Al Rajhi Bank - Property Power Finance 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%
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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.

Terms and Conditions:
  • To Saudi nationals only
  • Minimum Salary should not be less than SAR 5,000 for government employees & SAR 7,500 for private companies.
  • Length of service to be 6 months for government employees and 12 months for private companies.
  • Loan tenor including retirement age to be as follows;
  1. For government and semi-government employees, 20 years for ready-made properties and 15 years for residential lands
  2. For private sector companies, 15 years for ready-made properties and 10 years for residential lands
  • Customer Age Criteria:
  1. Minimum Age 21 Years
  2. Maximum Age 60 Years (or as per the retirement age for militaries)
  • Loan To Value Ratio’s Criteria:
  1. For Ready-made properties 70% LTV
  2. For lands, 60% LTV
  • Financing Amount Criteria:
  1. Minimum Finance is 50K
  2. Maximum Finance up to 3 Million
  • Installment Repayment Criteria:
  1. Monthly deductions from assigned salary
  • Other Income Criteria:
  1. Other proven income can be considered subject to cap of 50% of the other income


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 flat rate on the product. This is not the 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.
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