MOH Ready House Finance | The Saudi Investment Bank

MOH Ready House

Ministry of Housing (MOH) Ready House Finance is a product from The Saudi Investment Bank (SAIB) in collaboration with REDF which allows customers to purchase ready houses in projects developed by MOH.

With this product, customers will be able select a ready property in any of MOH’s developed projects and get financing from the Bank to purchase the property under Murabaha principle.

Shariah compliant financing, based on Murabaha.

The customer is not required to pay a down payment in cash. The land value will be considered as down payment.

REDF will cover profit portion of the finance up to a maximum finance as per Real Estate Development Fund subsidy matrix.

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

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

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 MOH Ready House Finance

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

Standard SAIB loan administration fees. (1% of the finance amount up to a maximum 5000) will apply.
This product comes with a complimentary salary account with no minimum balance requirements.

Saudi nationals only.
Applicant must be listed on the REDF’s and Ministry of Housing’s finance lists.

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 contact our Flexx Call contact center at: 800 100 0102

Home Finance Calculator

The calculator provides estimates only.

Is It The First House?

Yes No

Your Age

20 Years

Property Price

Gross Income

Repayment term

0 Months

Down Payment

Monthly obligations

Monthly payments

00,000

For exact figures please 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
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 this product from SAIB.

No, this product is only for eligible personnel listed on the REDF’s and Ministry of Housing’s finance lists.

Yes, it is a Sharia compliant product based on Murabaha principle.

Maximum financial support of 500,000 that covers the profit.

The maximum finance amount is 7,000,000.

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

Yes, 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 is as follows:
Government Sector: 1 month with current employer
Private Sector: 3 months with current employer.

Timing of title deed transfer will depend on MOH.

Once MOH is ready to transfer the Title Deed, mortgage to SAIB of Title Deed will take place.

No down payment to be made by customer as the property is sold at concession, which serves as down payment amount.

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

MOH Ready House

MOH Ready House

Key Requirements

Home Finance Calculator

Example

FAQs

Is it required to open a salary account and transfer my salary?

If I am not listed on the REDF list, can I obtain this product?

Is this product Shariah-Compliant?

What is the maximum subsidy amount on which I can receive from the REDF under Madoom program?

What is the maximum finance amount for this product?

How much is the administration fee amount?

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

What is the minimum length of service?

When does the title deed get transferred?

When does the mortgage of property take place?

What is the down payment requirement?

How do I apply?