Buyout Home Loan Product

Buyout Home Loan Program aims to provide an options for who have obtained at Home loan financing through other financing entities in the form of Ijara and in a variable installment or in the form of Murabaha and a fixed installment, to pay their dues and transfer their debt from the previous financing entity to BSF by obtaining real estate financing in the form of Murabaha and with a fixed installment throughout the financing period.

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Product’s features:

Product approved by the Shariah Committee in the form of Murabaha.
Financing with a competitive and fixed profit rate for the whole term.
Choosing any type of property: villa/ duplex/ townhouse/ apartment building.
Financing term up to 25 years.
Financing amount up to SR 5 million.
The possibility of buying any property owned by the customer, whether it is a villa / duplex / townhouse / residential building / apartment / land.
Step up payments as per Customer Obligations – advanced finance (2 in 1).
Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension.
Exemption from remaining repayments in case of death or permanent disability.

Eligibility criteria:

The customer must be at least 20 years old.
Open a current account if he does not have one.
The customer's monthly net income shall not be less than SAR 5,000.

Required documents:

To better serve you, kindly provide the following documents to complete your applications:

A copy of the title deed.
A copy of the construction permit + construction completion certificate in case there is no electricity service (not including land and under construction property).
Fill in and sign the seller’s offer form by the property owner.
A copy of a valid ID of the seller.
Location sketch of the property.
Fill in and sign a mortgage application.
A detailed salary certificate mentioning the allowances (if any).
A copy of a valid ID.
pay slip of the last three months if the customer works for a semi- government or private sector.
Account statement for the last three months indicating the receipt of the salary.

Example: Disclosure of the cost rates of a 25-year mortgage for the first home
Early payment Charge	Monthly Repayment Amount	Payment Type	Maturity Years	*APR	Fixed or Variable Rate	Loan to Value Ratio	Property Market Value
3 Months Profit	6,187.50 SAR	Principal and Profit	25 years	6.90%	Fixed Rate	90%	1,000,000