Samba Home Finance - Home Self-Construction

Minimum Salary needed SR 5,000
Maximum amount available SR 1.5 million
Length of Loan 15 years
Profit Rate Not mentioned
Upfront Fees ( if any ) Not mentioned
Eligibility You should be a Saudi national who is at least 22 years of age; You should be working for a Samba-approved government, semi-government or private employer for at least one year; Conditions - Owned land should not be mortgaged to any party, should be in a residential area and equipped with electricity and water facilitiesand should not exceed 1,500 square meters in area.
Main Features Approved by the Shariah Supervisory Board; Finance up to 70% of the property value (Apartment); No guarantor required; An option of joint ownership with a first-degree relative to get a higher finance amount; You can repay earlier than the tenure you have availed; Fixed profit rate. With Bayt Al-Khair your profit rate will never change during the entire tenure of the finance and therefore your monthly installment will never change; In case of death or permanent total Medical disability, God forbid, all outstanding amounts will be considered paid subject to terms and conditions of insurance policy; Free Takaful property insurance