Off Plan Product
This product allows buying a property under construction and receiving it after a specified period and at a reduced
price. Off-plan sales projects are subject to supervision by "Wafi" * and target beneficiaries of the Ministry of
Housing and the Real Estate Development Fund (REDF) only.
This product is available for all creditworthy customers and customers who are supported by Real Estate
Development Fund and Ministry of Housing
Apply now
* APR may differ depending on the amount and the maturity period different from the above example and subject to credit scoring of each customer
The bank offers a range of distinctive projects for Off Plan in various regions of the Kingdom in line with the customer's wishes and in flexible installments that meet your needs.
Product’s features
- Product approved by the Shariah Committee in the form of Istisnaa & Ijarah Mosofah Bthimah.
- Financing with a competitive and fixed profit rate for the whole term.
- Choosing any type of property: villa/ duplex/ townhouse.
- Financing amount up to SR 5 million.
- Financing term up to 25 years.
- Financing to own the first home only.
- 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 price offer from the developer.
- 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.
Apply now
| Example: Disclosure of the cost rates of a 20-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 | 7,633.33 SAR | Principal and Profit | 20 years | 7.11% | Fixed Rate | 90% | 1.000,000 |
* APR may differ depending on the amount and the maturity period different from the above example and subject to credit scoring of each customer
The bank offers a range of distinctive projects for Off Plan in various regions of the Kingdom in line with the customer's wishes and in flexible installments that meet your needs.
