madoom-moyassar

Madoom and Moyassar home finance

Madoom and Moyassar home finance

The features you need to know:

Profit Amount

Subsidy on the profit amount by REDF for finance amount up to SAR 500,000 (subject to REDF’s criteria)

Down Payment Requirement

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

Life Coverage

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

Shariah-compliant

 

Property Insurance

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

Debt Burden

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

Down Payment Requirement

Down payment requirement subject to REDF’s criteria (10% for first house, or 30% for any additional property)

Life Coverage

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

Life Coverage

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

Shariah-compliant

 

Property Insurance

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

Debt Burden

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

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

Lower down payment requirement (only 10%) of the financed property value for first property (or 30% for any additional property)

This is reduction in down payment requirement by 5% which will reduce the down payment amount from 10% to 5% of the property value, for the first property only (or 30% for any additional property); thus, beneficiary can obtain home financing of up to 90% of the property value (LTV).

Payment period

payment-period

Finance amount

maddom-finance-amount

Please make sure you have the following requirements:

ELIGIBILITY CRITERIA

To apply for SAIB Madoom and Moyassar you must meet the following eligibility criteria:

  • Saudi nationals (men and ladies)
  • Minimum and maximum age of applicant: 20 years – 70 years 
  • Applicant must be listed on the REDF’s and Ministry of Housing’s finance lists
  • Employment: Employees of government, semi-government, military and private sectors (Bank’s approved list of companies)
  • Service period:
    For Government Sector: 1 months with current employer
    For Private Sector: 3 months with current employer
  • Applicant must open a Salary Account with SAIB and assign salary
  • Minimum Property size = 80 square meter

REQUIRED DOCUMENTS

  • Filled finance application form
  • Copy of a valid national ID card
  • Introduction letter from employer
  • Salary certificate from employer or last salary slip)
  •  Copy of employee ID card specifying rank/position (for armed forces, if applicable)
  • Account statement of 3 months, showing last 3 salaries and verified by the bank

information

For more information and details, please contact us at:

800-124-8000

CHARGES AND MINIMUM REQUIRED BALANCE

Standard SAIB loan administration fees. (1% of the finance amount up to a maximum SAR 5000) will apply.

This product comes with a complimentary salary account with no minimum balance requirements. 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..

SERVICE STANDARDS

  • Approval in principle within 24 hours (subject to complete documentation)
  • Completion of final approval and all related procedures within 12 working days provided all required documents are submitted on time.

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

Property evaluation (SAR) 500,000
LTV % 90
Type of term cost Fixed
APR % 6.07
Finance Tenor (Years) 15
Payment method Monthly deduction from customer's salary
Monthly Installment Amount (SAR) 3,413.91
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.

The calculator provides estimates only.
Result
=
00,000
Your Age
 
20 Years
Property Price
SAR
Gross Income
SAR
Repayment term
Months
First House
Down Payment
SAR
Monthly obligations
SAR
 
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.

Product Risks

To view the Home Finance product risks, click here

FAQs

Is it required to open a salary account and transfer my salary to get one of these products (Madoom) or (Al-Rahn Al-Moyassar)?

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

Are these products (Madoom) and (Al-Rahn Al-Moyassar) available for expats, too?

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

Can I avail both programs (Madoom) and ( Al-Rahn Al-Moyassar ) together?

Yes, if all criteria are met.

If I am not listed on the REDF list, can I obtain these products (Madoom) or (Al-Rahn Al-Moyassar)?

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.

What is the maximum finance amount on which I can receive subsidy from the REDF on (Madoom)?

The maximum finance amount for subsidy is SAR 500,000.

Is the REDF approval mandatory on the property that I want to buy?

Yes, there are specific conditions that must be met.

What is the maximum finance amount?

The maximum finance amount is SAR 5,000,000.

What is the administration fee amount?

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

Can I make an early settlement of the finance amount with the Bank?

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).

What is the minimum length of service?

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

How can I apply for this finance?

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