Key Requirements
to apply for a Unit Under Construction (Off Plan) Finance
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.
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).
To view the Home Finance product risks, click here
For more information and details, please contact our Flexx Call contact center at: 800-124-8000
The calculator provides estimates only.
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.
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 .