Shariah compliant financing, based on Murabaha principle
Down payment coverage by REDF
Down payment coverage by REDF up to 5% through Moyassar Program (or up to SAR 140,000 for military personnel only)
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 Property Takaful 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
Project Payment is based on project construction progress which is approved as per developer’s contract
Unit under construction (off plan) is a Murabaha-based home finance product offered by The Saudi Investment Bank in collaboration with the Real Estate Development Fund (REDF) and the Ministry of Housing (MOH), which allows customers to buy the property they want to own from the Ministry of Housing’s (MOH) approved development projects through accredited real estate developers. The product also extends the benefits offered by REDF under Madoom, Moyassar and Military Support Programs.
- For Saudi nationals only
- Age of Applicant: Minimum age is 21 years and maximum age at maturity is 70 years
- Have a basic salary of at least SAR 12,000 per month
- 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, and retirees (Bank’s approved list of companies)
- Service period:
For Government Sector: 1 month with current employer
For Private Sector: 3 months with current employer
- Applicant must open a Salary Account with SAIB and assign salary
- Filled finance application form
- Copy of National ID
- Introduction letter from employer
- Account statement of the last 3 months showing last 3 salaries, verified from the previous bank
- Copy of the “Employee ID Card” specifying rank/position (to be taken post sighting of the original) – for armed forces, if applicable
- Salary certificate from employer or last salary slip
- Copy of the construction Contract between the customer and the developer
- Developer Quotation addressed to the Bank
For more information and details, please contact our Flexx Call contact center at:
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..
- 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|
|Type of term cost||Fixed|
|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.
or visit your nearest SAIB Branch.
All personal financings are subject to credit approval.
Am I required to open an account and assign my salary to avail of this product?
Yes, salary assignment to SAIB is mandatory in order to obtain any of SAIB’s home financing products.
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 7,000,000.
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).
Is this finance available for expats, too?
No, this product is only for eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.
If I am not listed on the REDF’s and Ministry of Housing’s finance lists, can I obtain this product?
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 click here.
Is this product Shariah-compliant?
Yes, this product is Sharia-compliant and based on Murabaha principle.
What is the maximum finance amount on which I can receive as subsidy from the REDF under (Madoom) program?
The maximum finance amount for subsidy is SAR 500,000.
What is the administration fee amount?
1% of the finance amount up to SAR 5,000 (whichever is lower).
What is the minimum length of service?
Government Sector: 1 month with current employer.
Private Sector: 3 months with current employer.
What is the down payment requirement?
10% for first house or 30% for any additional property.
When shall the title deed get transferred?
MOH shall ensure that the title deed is transferred to the customer (with mortgage to Bank) within 60 days of customer receiving possession of the property from developer.
How can I apply for this finance?
Please click here or contact our Flexx Call contact center at 800 124 8000 .