The “SAKAN” Home Finance is an Islamic product, that allows you to purchase your home.
- Shariah compliant based on Murabaha principle
- Competitive fixed profit rate throughout the finance period
- Flexible repayment period of up to 25 years
- Finance up to SAR 5,000,000
- Buy a villa, duplex, apartment or land
- In case of death or permanent disability, the legal heirs or policy holder will be exempt from paying the outstanding dues
- Properly completed and signed SAKAN Application Form
- Signed copy of applicant's ID
- Original salary and employment certificate
- Original salary and end of service benefit certificate
- Copy of the Real Estate ownership deed
- Building permit for the property (issued in the last 15 years)
- Clear map showing property location and address
- Signed copy of seller’s ID
- Seller’s offer letter
** 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.