Minimum Salary Salary Transfer Islamic Finance Maximum Term Flat Rate Reducing Rate
Riyad Bank - Purchasing Incomplete Property Riyad Bank - Purchasing Incomplete Property Minimum Salary: SAR 5,000 Salary Transfer: Yes Early Settlement Fees: No Maximum Term: 0 Years Flat Rate: - Reducing Rate: -
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Features
  • Financing amount up to SAR 3 million
  • Possibility of joint finance between the primary applicant + 3 first degree relatives
  • Possibility of having more than one finance
  • Ability to add/cancel joint applicants
  • Possibility of early settlement/transfer ownership (Ihlal)/selling to a third party
  • Cooperative insurance against all risks
  • Exemption in case of death or permanent disability and transfer of ownership of the property to the heirs in accordance with the insurance coverage
Documents Required
  • Copy of valid Saudi national ID
  • Completed application form for Home Finance
  • Completed applicant undertaking form
  • Completed applicant health declaration
  • Salary certificate with salary details
  • Bank statement
  • Deposit of valuation fees
** 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.
Representative Example Calculator
Riyad Bank - Home Equity Incomplete Property
Minimum Salary
SAR 5,000
Reducing Rate
3.33%
National Commercial Bank - Residential Finance
Minimum Salary
SAR 3,000
Reducing Rate
6.71%
Alawwal Bank - Home Finance
Minimum Salary
SAR 10,000
Reducing Rate
3.33%
Samba - Ready / Under Construction Villas
Minimum Salary
SAR 5,000
Reducing Rate
9.59%