| Minimum Salary | Salary Transfer | Islamic Finance | Maximum Term | Flat Rate | Reducing Rate | |
|---|---|---|---|---|---|---|
Samba - Ready/ Under Construction Apartments
|
Minimum Salary: SAR 5,000 | Salary Transfer: Yes | Early Settlement Fees: Yes | Maximum Term: 25 Years | Flat Rate: 5.33 | Reducing Rate: 0.0 |
We understand how important it is for you to own a residential apartment. We also understand that home financing should be Shariah-compliant, simple, convenient and transparent.
Features
- Approved by the Shariah Supervisory Board.
- Finance up to SR 3 million.
- Finance up to 85% of the property value (Apartment).
- Repayment period up to 25 years.
- No guarantor required.
- An option of joint ownership with a first-degree relative to get a higher finance amount.
- You can repay earlier than the tenure you have availed.
- Fixed profit rate.
- With Bayt Al-Khair your profit rate will never change during the entire tenure of the finance and therefore your monthly installment will never change.
- In case of death or permanent total Medical disability, God forbid, all outstanding amounts will be considered paid subject to terms and conditions of insurance policy.
- Free Takaful property insurance.
Documents Required
- Completed Application Form
- A clear photocopy of a valid ID
- Certificate of employment stating job title, joining date, monthly income and allowances (if any)
- Salary transfer letter from employer
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Rate (%):
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This is the original term or length of the product, stated in years.
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