| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
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: - |
Do you aspire to own a property such as a villa, duplex, apartment or piece of land but you do not have sufficient liquidity for that?
Features & Benefits
- Financing 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 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 obtain Personal Finance or Financial lease at same time.
* APR starts from 4.26%.
* Administration and evaluation fees are 1% of the total amount of funding or up to SR 5,000 and subject to 15% Value Added Tax (VAT).
All the fees are subjected to 15% Value Added Tax (VAT)
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
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 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
