FAQ’s

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FAQ’s

Self-Construction Finance

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<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Am I required to open a salary account and transfer my salary to avail of this product?</a></legend><div class="fieldset-wrapper" style="display: none;"><p>Yes, salary transfer to SAIB is mandatory in order to obtain any of SAIB home finance products.</p>
</div>

<p>&nbsp;</p>
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<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Do I need to mortgage my land to the Bank?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>Yes, the land owned by you has to be mortgaged to the Bank in order to avail financing.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Is this finance available for expats, too?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>No, this product is only for eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists</p>
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<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">If I am not listed on the REDF’s and Ministry of Housing’s finance lists, can I obtain this product?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB Murabaha Home Finance instead. To learn about Murabaha Home Finance, please <a href="/en/Asalah-Murabaha-HomeFinance">click here</a>.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Is this product Shariah-compliant?
</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>Yes, this product is Sharia-compliant and based on Murabaha principle.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the maximum amount I can receive as subsidy from REDF and the Ministry of Housing under Madoom Program?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>The maximum finance amount for subsidy is SAR 500,000.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the maximum finance amount?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>The maximum finance amount is SAR 5,000,000.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the administration fee amount?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>1% of the finance amount up to SAR 5,000 (whichever is lower).</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the minimum length of service? </a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>The minimum service period:<br>
For Government Sector: 1 month with current employer<br>
For Private Sector: 3 months with current employer
</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Is joint finance eligible?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>Joint finance is not eligible as per REDF’s criteria.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Can I make an early settlement of the finance amount with the Bank?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p>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).</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">How can I apply for this finance?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p><a href="https://forms.saib.com.sa/Online/homeloan?lang=en">Please click here</a> or contact our Flexx Call contact center at 800 124 8000 .</p>
</div>

<p>&nbsp;</p>
</fieldset>
</div>

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Madoom and Moyassar home finance

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<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Is it required to open a salary account and transfer my salary to get one of these products (Madoom) or (Al-Rahn Al-Moyassar)?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>Yes, salary transfer to SAIB is mandatory in order to obtain one of these products from SAIB.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Are these products (Madoom) and (Al-Rahn Al-Moyassar) available for expats, too?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>No, these are for only the eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Can I avail both programs (Madoom) and ( Al-Rahn Al-Moyassar ) together?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>Yes, if all criteria are met.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">If I am not listed on the REDF list, can I obtain these products (Madoom) or (Al-Rahn Al-Moyassar)?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>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.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the maximum finance amount on which I can receive subsidy from the REDF on (Madoom)?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>The maximum finance amount for subsidy is SAR 500,000.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Is the REDF approval mandatory on the property that I want to buy?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>Yes, there are specific conditions that must be met.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the maximum finance amount?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>The maximum finance amount is SAR 5,000,000.</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the administration fee amount?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>1% of the finance amount up to SAR 5,000 (whichever is lower).</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">Can I make an early settlement of the finance amount with the Bank? </a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>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).</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">What is the minimum length of service?</a></legend>

<div class="fieldset-wrapper" style="display: none;">
<p>The minimum service period:<br />
Government Sector: 1 months with current employer<br />
Private Sector: 3 months with current employer</p>
</div>

<p>&nbsp;</p>
</fieldset>

<fieldset class="fieldgroup collapsible collapsed"><legend class="collapse-processed"><a href="#">How can I apply for this finance?</a></legend>
<div class="fieldset-wrapper" style="display: none;"><p><a href="https://forms.saib.com.sa/Online/homeloan?lang=en">Please click here</a> or contact our Flexx Call contact center at 800 124 8000 .</p>

</div>

<p>&nbsp;</p>
</fieldset>
</div>

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