Best Self Build Finance in Saudi Arabia
06-03-2024
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Building your dream home is now easier with Bank Albilad!
Now construct your dream home by availing quick and easy to apply self-building financing by Bank Albilad.
In cooperation with the Real Estate Development Fund and the Ministry of Housing, Bank Albilad offers you self-build construction loan. So, the wait is over! We give you the opportunity to build your desired property by 4 financing payments throughout the construction phases.
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What are the differentiating features of the self-build financing?
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Terms and Conditions
- Open current account with Bank Albilad
- Customer must be 20 years or older
- Customer must be an employee of a public or private sector approved by Bank Albilad.
- Customer's salary should be 3,000 SAR or more
- Customer should be 70 years or younger when making the last payment
- Real estate must be located within urban area
- Available only to REDF and MOH customers
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Required Documents
Customer Documents - Valid ID
- ID copy for military employees
- 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 ( in case financed with salary transfer)
Real estate documents- Copy of the title deed
- Copy of building permits
- Sketch of property location
- Filling “property information” form
- Filling “financing” form
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FAQs
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: | Self-build Financing | | | Real Estate value | SAR 500,000 | | Finance amount | 90% of real estate value | | Type of profit margin (Fixed or Variable) | Fixed Rate | | APR | 6.70 % | Management fees
| Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 | | Finance duration | 25 years | Type of installments
| Funding principal and profit
| Finance Amount
| 450,000.00 SAR
| | Monthly installment | 3,093.75 SAR
| | Early settlement | The value of the remaining asset with an additional 3 months earnings
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*Terms and conditions apply The annual percentage rate varies based on the amount and maturity period and Subjected to the customer's credit history
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