Save to Own a Home
Get your dream home effortlessly with our Save to Own a Home account from BSF.
An account that helps you save up for a down payment toward your dream home by allowing you to contribute a monthly fixed amount for a specified period of time, with annual returns.
Features and advantages:
- Minimum initial deposit of SAR 10,000 “there is no maximum limit"
- Minimum monthly contribution of SAR 1,000
- The product is offered to individual customers only
- Available in Saudi Riyal only
- Tenor ranges from 1 to 10 years
- The monthly installment will be Gregorian calendars
- Returns are paid at the end of the contract with the basic of investment amount
- Access to your account statement through E-channel without performing any financial transaction
How can I apply?
You can easily open a save to own a home account if have a BSF current or savings account, by filling out the application form at your nearest branch. You can open a current account by providing the following:
- National ID for Saudi citizens.
- Iqama ID or copy of passport for expatriates.
- National ID or copy of passport for GCC citizens.
When do I get the profit?
Profit is paid at the end of the contract with the principal amount.
Is there a fee for opening a Save to Own a Home Program?
No, it's completely free of charge.
How do I pay monthly contribution?
Your monthly contribution would be automatically deducted from your specified account. Make sure that sufficient amount is available in your debit account for transferring it to the Save to Own a Home account on the due date every month.
What if a customer does not pay the monthly contribution?
In case of non payment of monthly contribution, the profit of that month would not be paid to the customer and in case of three consecutive missed payments, the contract will be terminated. T&C applied.
Can I withdraw from the Save to Own a Home account before its maturity?
Cash withdrawals are not allowed for the duration of the contract because the purpose of the account is to save and invest the amount saved for the specified period
Example: 1 year fixed term Save to own a home
| Saving account Type | Minimum Initial deposit Amount | Minimum Monthly Contribution | Maturity in years | Annual Equivalent Rate | Number of Withdrawals Permitted in the 1st Year |
|---|---|---|---|---|---|
| Save to own a home | 10,000 | 1,000 | 1 | 0.90% | 0 |
Example: 5 year fixed term Save to own a home
| Saving account Type | Minimum Initial deposit Amount | Minimum Monthly Contribution | Maturity in years | Annual Equivalent Rate | Number of Withdrawals Permitted in the 1st Year | Number of Withdrawals Permitted in the remaining years |
|---|---|---|---|---|---|---|
| Save to own a home | 10,000 | 1,000 | 1 | 2.65% | 0 | 0 |
Example: 10 year fixed term Save to own a home
| Saving account Type | Minimum Initial deposit Amount | Minimum Monthly Contribution | Maturity in years | Annual Equivalent Rate | Number of Withdrawals Permitted in the 1st Year | Number of Withdrawals Permitted in the remaining years |
|---|---|---|---|---|---|---|
| Save to own a home | 10,000 | 1,000 | 10 | 3.50% | 0 | 0 |
The Annual Equivalent Rates mentioned above are an example and changeable
Cash withdrawals are not allowed during the contract’s validity period because the purpose of the account is to save and invest the amount saved according to the specified period
Terms and conditions applied
Requirements:
-
Saudi Citizens
- Saudi National ID
- Passport
- National ID
GCC Citizens
-
Expatriates
- Iqama ID
- Copy of passport
