| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
ANB - Al Manzel Al Mubarak Finance
|
Minimum Salary: SAR 2,000 | Salary Transfer: Yes | Early Settlement Fees: Yes | Maximum Term: 25 Years | Flat Rate: 3.99 | Reducing Rate: 0.0 |
It is so exciting to fulfill your wish of owning the property you’ve always dreamed of. Now Al Manzel Al Mubarak Finance that is Shariah compliant from Arab National Bank, helps you buy a house, apartment or land based on Murabaha in easy and simple procedures.
Features
- Finance amount up to SR. 3,000,000
- Fixed and easy installments up to 25 years
- Freedom to choose the property you wish to own. (house, apartment or land)
- Possibility of solidarity between husband and wife and / or close family members
- Waiver of remaining due monthly installments in case of death “God forbid”
Documents Required
- A duly completed application form
- Employer’s certificate showing salary and number of years in service
- Duly completed quotation and acceptance form
- Property location sketch.
- Duly completed purchase order and Seller’s confirmation
- Copy of deed
- Copy of building permit (for house or apartment)
- Area measurements (for house or apartment)
- Copy of National ID / Iqama
- Copy of evaluation fee deposit slip
- 3-months bank statement
** 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
