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.
Financing amount will be 90% of the land value + future construction value (for first house).
REDF will cover profit portion of the finance up to a maximum finance amount of SAR 500,000 through Madoom Program.
Takaful Life Insurance
Free Takaful life coverage against death or permanent disability, God forbid, without any medical test for finance up to SAR 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.
Disbursement Schedule as follows: 15% upon commencement of construction, and subsequently 25%, 25%, 35% (provided that construction should be completed within of 36 months of financing disbursal).