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

Shariah compliant financing, based on Murabaha principle.

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

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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.

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

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

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

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

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

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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.

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?
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 costFixed
APR %7.40
Finance Tenor (Years)15
Payment methodMonthly deduction from customer's salary
Monthly Installment Amount ( )4,037.18
Early settlement amount1-2 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.