Unit Under Construction Finance | The Saudi Investment Bank

Unit Under Construction (Off Plan)

Unit under construction (off plan) is a Murabaha-based home finance product offered by The Saudi Investment Bank in collaboration with the Real Estate Development Fund (REDF) and the Ministry of Housing (MOH), which allows customers to buy the property they want to own from the Ministry of Housing’s (MOH) approved development projects through accredited real estate developers.

The product also extends the benefits offered by REDF under Madoom and Moyassar Programs.

Shariah compliant financing, based on Murabaha principle.

Down payment coverage by REDF up to 5% through Moyassar Program.

REDF will cover profit portion of the finance up to a maximum finance amount as per Real Estate Development Fund subsidy matrix through Madoom Program.

Free Takaful life coverage against death or permanent disability, God forbid, without any medical test for finance up to 2,500,000.

Free Property Takaful coverage against fire and natural disasters such as floods, storms, earthquakes and resulting damages.

Maximum debt burden ratio (DBR) is 65% out of the gross income.

Project Payment is based on project construction progress which is approved as per developer’s contract.

Minimum finance amount of 200,000 and maximum 4,000,0000.

Minimum payment period of 5 years and maximum 25 years.

TMG & SUMOU Real Estate company

You can now apply for off-plan property products from TMG & SUMOU Real Estate company.

Key Requirements

to apply for a Unit Under Construction (Off Plan) Finance

Minimum age of 21 years old with a maximum age of 75 at the maturity.

Saudi nationals only.
Applicant must be listed on the REDF’s and Ministry of Housing’s finance lists.

Standard SAIB Loan Administration Fees: 1% of finance amount, max 5000.
This product comes with a complimentary salary account with no minimum balance requirements.

Applicant must open a Salary Account with SAIB and assign salary. The account also offers free cheque-book, mada Debit Card from The Saudi Investment Bank and access to SAIB Flexx Click Internet Banking, Flexx Call contact center and SMS Banking facilities.

Employer’s salary transfer certificate and Account statement of last 3 months (showing last 3 salaries which are verified from the previous bank).

Product Risk

To view the Home Finance product risks, click here

Help & Support

For more information and details, please contact our Flexx Call contact center at: 800-124-8000

Home Finance Calculator

The calculator provides estimates only.

Is It The First House?

Yes No

Your Age

18 Years

Property Price

Gross Income

Repayment term

0 Months

Down Payment

Monthly obligations

Monthly payments

00,000

For exact figures please contact Flexx Call contact center at 800-124-8000
or visit your nearest SAIB Branch.
All personal financings are subject to credit approval.

An example of information that will be obtained when applying for a product

Property evaluation ( )	500,000
LTV %	90
Type of term cost	Fixed
APR %	7.40
Finance Tenor (Years)	15
Payment method	Monthly deduction from customer's salary
Monthly Installment Amount ( )	4,037.18
Early settlement amount	1-2 Years: Total profit amount of the 1st two years After 2 years: profits of the three subsequent installments

*The Annual Percentage Rate (APR) may differ based on the amount and maturity period.

FAQs

Yes, salary assignment to SAIB is mandatory in order to obtain any of SAIB’s home financing products.

Yes, there are specific conditions that must be met.

The maximum finance amount is 7,000,000.

Yes, you can, provided that you meet the Bank’s terms and conditions (To learn more about these terms, please call us at 800 124 8000).

No, this product is only for eligible Saudi nationals listed on the REDF’s and Ministry of Housing’s finance lists.

No, only those who are listed in REDF’s and Ministry of Housing’s finance lists can get this product. If you are not eligible to get this product, you may apply for SAIB Murabaha Home Finance instead. To learn about Murabaha Home Finance, please click here.

Yes, this product is Sharia-compliant and based on Murabaha principle.

The maximum finance amount for subsidy is 500,000.

1% of the finance amount up to 5,000 (whichever is lower).

Government Sector: 1 month with current employer.
Private Sector: 3 months with current employer.

10% for first house or 30% for any additional property.

MOH shall ensure that the title deed is transferred to the customer (with mortgage to Bank) within 60 days of customer receiving possession of the property from developer.

Please click here or contact our Flexx Call contact center at 800 124 8000 .

Unit Under Construction (Off Plan)

Unit Under Construction (Off Plan)

Key Requirements

Home Finance Calculator

Example

FAQs

Am I required to open an account and assign my salary to avail of this product?

Is the REDF approval mandatory on the property that I want to buy?

What is the maximum finance amount?

Can I make an early settlement of the finance amount with the Bank?

Is this finance available for expats, too?

If I am not listed on the REDF’s and Ministry of Housing’s finance lists, can I obtain this product?

Is this product Shariah-compliant?

What is the maximum finance amount on which I can receive as subsidy from the REDF under (Madoom) program?

What is the administration fee amount?

What is the minimum length of service?

What is the down payment requirement?

When shall the title deed get transferred?

How can I apply for this finance?