- Financing up to 20,000,000 Saudi riyals depending on client's financial net worth
- Finance tenure up to 20 years
- A very competitive profit margin, either fixed or flexible depending on the client's choice*
- Multiple sources of income are considered, including the financed property’s income
- The Possibility of finance against property's income only
- Allow the client to manage the property and improve the generated income
- Settlement can be based on monthly, quarterly, semiannually and annually instalment depending on client's income
- Takaful (life insurance) and exemption from payment of the remaining amount in case of death or total disability (God forbid)
- Property and damage insurance coverage included throughout the finance period
- Valid national Saudi ID card
- Certificate letter of employment one month old or less (for employed applicants)
- Salary and end of service benefits transfer
- Bank statement for the last 3 months (for employed applicants) and last six months (for self-employed)
- Proof of all sources of income (for employees and self-employed)
- Commercial Registration and work permit for self-employed
- 2 Years financial statements except for self-employed professionals who do not have a registered company. Example: Engineers, Lawyers, etc
** 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.