Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Bank AlJazira - Adjustable Repayment Mortgage Bank AlJazira - Adjustable Repayment Mortgage Minimum Salary: SAR 6,000 Salary Transfer: No Early Settlement Fees: Yes Maximum Term: 20 Years Flat Rate: 0.33% Reducing Rate: -
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Bank AlJazira now brings you the solution so you can acquire the property of your dreams through "ARM", specialized adjustable Repayment Mortgage program which allows you to obtain Real Estate finance with lower installments in the first period in case you have other liabilities such as Personal Finance or Financial lease and then your Real Estate finance installments will increase once your other liabilities are settled.

APR starting from 4.78 % which includes all fees
Administration and evaluation fees are 1% of the total amount of funding or up to SR 5,000 and subject to 5% Value Added Tax (VAT) up to SR 250.

Eligibility: 
  • Saudi or GCC national 
  • Good credit history 
  • Minimum age of 21 years 
  • The minimum salary for an employee is 6,000 Saudi Riyals 
  • For joint Ijara, SR 5,000 Salary per month for Main applicant SR 3,000 for joint applicant 
  • Minimum service of 6 months for private sector staff while no minimum service for government sector staff
Property Specifications
  • Availability of the title deed (notarized registration)
  • Real-estate located within the city boundaries
  • Not older than 20 years and 40 years at finance maturity 
  • Vacant and ready to move in
Features
  • Fnancing up to 85% of Property Value
  • 6 months deferral for the first repayment of the finance
  • Financing up to SR 5,000,000
  • A competitive profit rate,*
  • Ability to obtain Joint Finance with first degree relatives to obtain higher finance amount
  • Finance to buy a house or land is possible
  • Takaful (life insurance) in case of death or total disability (God forbid).
  • Property and damage insurance coverage included throughout the finance period
  • Ability to transfer existing liability from other financing institutions
  • Possibility of obtaining Personal Finance or Financial lease at the same time.
Documents Required
  • Client Documentation:
  • Copy of ID card or company commercial registration for the owner of the property
  • Identical photocopy of the notarized title deed
  • Sketch of the property location showing its area dimensions as well as name and address of the current owner
  • Municipality clearance (building permit)
  • vacant plots are excluded from this requirement
  • Written price offer by the current owner
  • Copy of last electricity bill (Lands are excluded from this requirement) Property documentation:
  • Copy of ID card or company commercial registration for the owner of the property
  • Identical photocopy of the notarized title deed
  • Sketch of the property location showing its area dimensions as well as name and address of the current owner
  • Municipality clearance (building permit)
  • vacant plots are excluded from this requirement
  • Written price offer by the current owner
  • Copy of last electricity bill (Lands are excluded from this requirement)
** 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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