ALASALAH Murabaha Home Finance is an Islamic home financing product approved by SAIB’s Shariah Committee and is based on the Murabaha concept. The Murabaha is a contract wherein the bank buys the property, based on your request and subject to evaluation procedures, and sell it to you for an agreed period and monthly payments. The Bank will transfer the ownership of the property to you at the end of the period once all monthly payments have been made. Al ASALAH home finance is available for completed Villas, apartments, (ready for occupancy) and land only. The profit rate is fixed for the whole financing period.
- Completed properties: Finance available for completed properties (Villas, apartments) and land
- Guarantor not required
- Minimum down payment 10 % - 30% from property purchase price
- Free Takaful life insurance coverage against death or permanent disability without any medical test for finance up to SR 2,500,000
- Joint finance allows 2 first-grade relatives to combine their income and get a higher finance amount
- Complete Home Finance application form.
- Introduction letter from employer, which would typically include salary, allowance details, and date of joining.
- Salary assignment letter addressed to the Bank, which would include salary account number and date of salary transfer.
- Copy of a valid National ID (to be taken after sighting the original)
- Additional documents will be required for the selected property. These, however, may vary by property type. Please contact us for more details.
** 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.