Off Plan Financing by Bank Albilad
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Last update on 19-08-2020
Get your dream home with Bank Albilad!
In cooperation with the Real Estate Development Fund and the Ministry of Housing, Bank Albilad offers you off plan financing. So, the wait is over! We give you the opportunity own your home from the approved development projects through the accredited developers with an easy and flexible financing options! This program is under the supervision of “Wafi” committee.
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What are the differentiating features of the Off-Plan Financing?
- Sharia-compliant financing service
- Customer only pays part of the instalments “profit only” during the construction period and up to 24 months
- Fixed profit margin during the whole contracting period
- Up to 65% for the dept burden ration “DBR”
- Financing period of up to 30 years
- Financing amount up to SAR 5,000,000
- Available to retired customers also
- Ability to apply for joint financing with one of your first-degree relatives
- Competitive prices on real estate units in the off-plan projects
- Guarantees on your property
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Terms and Conditions
- Open
current account with Bank Albilad
- Customer must be 21 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 from the approved projects by MOH "Wafi committee"
- 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
Real estate documents
- Providing price quotation for the unit desired from one of the approved projects by Bank Albilad
- Filling “financing” form
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The approved projects for Off-plan
Terms & Conditions apply |
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: | Off-plan Financing | | Real Estate value | SAR 500,000 | | Finance amount | 90% of real estate value | | Type of profit margin (Fixed or Variable) | Fixed Rate
| | APR | 7.23% | | Management fees | Management fees is 1% of the Financing Amount with Cap. of SAR 5,000 | | Finance duration | 30 years
| | Type of installments | Funding principal and profit
| | Monthly installment | SAR 2,993.75 | 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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