|Minimum Salary||Salary Transfer||Islamic Finance||Maximum Term||Flat Rate||Reducing Rate|
|Alawwal Bank - Home Finance||Minimum Salary: SAR 18,000||Salary Transfer: Yes||Early Settlement Fees: Yes||Maximum Term: 30 Years||Flat Rate: 1.85%||Reducing Rate: 3.33%|
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.
- Shari'ah compliant finance
- Defer the first 6 payments for Murabaha
- Competitive profit rate
- Joint finance option with one of your family members
- Waiver of the remaining installments in case of client death or complete disability
- Free Insurance against fires and natural disasters
- You can lease your property during financing period
- Finance to build or to complete construction
- Age 21 to 60
- A completed Home Finance application form
- Copy of ID/Iqama
- Employment letter
- Salary transfer form
- Medical certificate
- A copy of the title deed (both sides)
- Optional condition agreement
- Location map of the home and price quotation
- A copy of the Building Permission*
** 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.