| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Alawwal Bank - Home Finance
|
Minimum Salary: SAR 10,000 | Salary Transfer: Yes | Early Settlement Fees: Yes | Maximum Term: 30 Years | Flat Rate: 1.85 | Reducing Rate: 0.0 |
We’d love to help you finance your dream home, so we’ve simplified the process to help you move in faster. Now you can get finance individually or jointly too, so you can share your dream with your loved ones.
Features
- We’re Shariah compliant
- You can defer you first 6 payments for Murabaha
- We offer a competitive profit rate
- You can apply for joint finance with a family member
- Your finance will be available in 5 days
- We offer a repayment period of up to 30 years
- We can finance up to SR 5 million
- Your remaining repayments would be waived in the event of death or complete disability
- You’re insured against fire and natural disasters
- We can also finance home building or construction completion
Documents Required
- Your completed Home Finance application form
- A copy of your ID/Iqama
- A letter from your employer
- A salary transfer form
- Your completed health declaration form certificate
- A copy of the title deed (both sides)
- Stipulated right of cancellation form signed by property owner*
- Copy of owner ID
- Location map of the home and price quotation*
- Separation Report from Municipality (for unseparated villas)
- A copy of the Building Permission (not required for land)
** 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
