Madoom Home Finance

REDF supported subsidized financing (profit amount) of up to 500,000 of the financing amount with 100% coverage for citizens with salaries up to 14,000

This is a subsidized house finance product in cooperation with REDF for the eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists and wish to apply for government-supported SAIB home finance where REDF bears the profit amount on the finance amount of up to 500,000.

Subsidy on the profit amount by REDF for finance amount uAs per Real Estate Development Fund subsidy matrix (subject to REDF’s criteria).

Down payment requirement (10% for first house, or 30% for any additional property).

Free Takaful life coverage against death or permanent disability –God forbid- without any medical test for finance up to 2,500,000.

Free Takaful property insurance coverage against fire and natural disasters such as floods, storms, earthquakes and resulting damages.

Shariah-compliant.

Maximum debt burden ratio (DBR) is 65% out of the gross income.

Minimum finance amount of 250,000 and maximum 7,000,0000.

Minimum payment period of 5 years and maximum 25 years.

Key Requirements

to apply for a Madoom Home Finance

Standard SAIB Loan Administration Fees: 1% of finance amount, max 5000.
This product comes with a complimentary salary account with no minimum balance requirements
Minimum Property Size: 80 square meters.

Minimum age of 21 years old with a maximum age of 75 at the maturity.

Applicant must open a Salary Account with SAIB and assign salary.
The account also offers free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Call contact center and SMS Banking facilities.

Employer’s salary transfer certificate and Account statement of last 3 months (showing last 3 salaries which are verified from the previous bank).

Product Risk

To view the Home Finance product risks, click here.

Help & Support

For more information and details, please call us at: 800 100 0102.

Home Finance Calculator

The calculator provides estimates only.

Is It The First House?

Yes No

RDEF

Yes No

Your Age

18 Years

Property Price

Gross Income

Repayment term

6 Months

Down Payment

Monthly obligations

Monthly payments

00,000

Monthly Profit

APR

For exact figures please contact Flexx Call contact center at 800-124-8000
or visit your nearest SAIB Branch.
All personal financings are subject to credit approval.

An example of information that will be obtained when applying for a product

Property evaluation ( )	500,000
LTV %	90
Type of term cost	Fixed
APR %	7.40
Finance Tenor (Years)	15
Payment method	Monthly deduction from customer's salary
Monthly Installment Amount ( )	4,037.18
Payment Type	Principal and Profit
Early settlement amount	1-2 Years: Total profit amount of the 1st two years After 2 years: profits of the three subsequent installments

*The Annual Percentage Rate (APR) may differ based on the amount and maturity period.

FAQs

Yes, salary transfer to SAIB is mandatory in order to obtain one of these products from SAIB.

No, these are for only the eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.

Yes, if all criteria are met.

No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get these products. You may request SAIB Murabaha Home Finance instead.

The maximum finance amount for subsidy is 500,000.

Yes, there are specific conditions that must be met.

The maximum finance amount is 5,000,000.

1% of the finance amount up to 5,000 (whichever is lower).

Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).

The minimum service period:
Government Sector: 1 months with current employer
Private Sector: 3 months with current employer

Please click here or contact our Flexx Call contact center at 800 124 8000 .

Madoom Home Finance