Finance Against Mortgage Program
Page Content
Last update on 19-08-2020
Worried about cash? Get the cash you need with Bank Albilad by mortgaging your property!
The Finance against mortgage financing from Bank Albilad allows you get shares financing by mortgaging your property (land or building) with a higher financing limit and flexible payment method.
|
What are the key features of Bank Albilad finance against mortgage?
Here’s what you can expect from our Albilad finance against mortgage financing Program:
- Sharia-compliant financing service
- Ability to choose the desired Shariah approved shares from the local market
- Early settlement is available
- Financing period up to 25 years, with possibility to extend it up to 30 years for beneficiaries of Ministry Of Housing or REDF
- Financing amount up to SAR 5,000,000.
|
Terms and Conditions
- Customer must be 21 years or older
- Available to Saudi only
-
Open current account with Bank Albilad
- Customer must be an employee of a public or private sector approved by Bank Albilad.
- Customer's salary should be 3,000 SAR
|
FAQs What documents do I require to submit for the financing?
Customers documents:
- Valid ID
- ID copy for military employees
- Fill out disclosure form
- Filling "financing" Form
- A letter from the customer's employer indicating: monthly salary (Basic and allowances), job title, date of employment
- A statement of salary transfer from employer
Property documents:
- Copy of the title deed
- Copy of building permits
- Sketch of property location
Is there any management fee? The management fee is 1% of the financing amount with cap. of SAR 5,000.
How the profit margin is calculated?
Here is an example of how the profit margin is calculated: Finance against mortgage program
| Finance amount | SAR 100,000 | Total profit margin | SAR 10,000 | APR | 4.31% | Management fees | Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 | Finance duration | 60 months | Total finance cost | SAR 110,000 | Monthly installment
| SAR 1,833.33
|
APR may differ depending on the amount, maturity period and credit scoring of the customer
TERMS AND CONDITIONS APPLY.
|
|