Key Requirements
to apply for Al Asalah Murabaha Home Finance
Al Asalah Murabaha Home Finance
ALASALAH Murabaha Home Finance is an Islamic home financing product approved by SAIB’s Shariah Committee. The Murabaha is a contract wherein the bank buys the property, based on your request and subject to a monthly payment plan and a fixed profit rate for the whole financing period. The Bank will release mortgage on the property once all monthly payments have been paid.
Al ASALAH home finance is available for completed (Villas, Apartments, Doplex) and land (ready for occupancy) and lands within urban areas only.
Free Takaful Home insurance coverage against disasters, such as fire, floods, storms, earthquakes, and others, and damages arising from such.
Must be a minimum of 20 years old, with a maximum age of 70 at the maturity of the Finance.
Standard SAIB loan administration fees. (1% of the finance amount up to a maximum 5000) will apply.
The SAIB ALASALAH Home Finance facility comes with a complimentary salary account with no minimum balance requirements.
Minimum Property size = 80 square meter.
Saudi Citizen.
Work for an employer included in the Bank’s approved list.
The customer must have a salary account at The Saudi Investment Bank.
The account also offers free cheque-book, mada Debit Card from SAIB 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).