Saudi Investment Bank Personal Loan - Al ASALAH Home Finance
|Minimum Salary needed||Not mentioned|
|Maximum amount available||SR 3,000,000|
|Length of Loan||25 Years|
|Profit Rate||Not mentioned|
|Upfront Fees ( if any )||Not mentioned|
|Eligibility||Minimum down payment 20% from property purchase price|
|Main Features||No Sponsor / Guarantor is required; Joint finance facility allowing two persons to combine income to finance larger amounts; Free Takaful life insurance coverage against death or permanent disability without any medical test for finance up to SR 1,750,000|
Saudi Investment Bank-Al ASALAH Home Finance
Saudi Investment Bank
The Saudi Investment Bank (SAIB) is a Saudi Arabian joint stock company established by Royal Decree in 1976 and it commenced its operations officially in 1977.
The shareholders of SAIB, a publicly listed company, are J. P. Morgan Chase, Mizuho Corporate Bank (formerly The Industrial Bank of Japan), the Saudi Public and private institutions as well as individual Saudi Arabians.
SAIB offers customized and Shariah-compliant wholesale, retail and commercial banking solutions. Particularly, the bank arranges financing of quasi-government and private industrial sectors and trade finance products for the facilitation of imports and the increase of Saudi exports.
The bank has also established flourishing joint-ventures and subsidiaries to cater for Investment Banking and Share Trading, Asset Management, Leasing, Mortgages, Insurance and Credit Cards.
Riyadh is the capital and largest city in the Kingdom of Saudi Arabia. The same way other large and densely populated Arabian cities such as Jeddah and Dammam are, Riyadh has a swelling human population in excess of 5.7 million. It is a principal urban centre of a region with an approximated population of 7.3 million.
To enhance public administration, the city is divided into 15 municipal districts that are managed by Riyadh Municipality, under the leadership of the city’s mayor.
Riyadh was once relegated to a sleeping giant without any special national or regional significance for many years. It is only after the turn of the 1940’s that the city awoke to the realization of its full potential and significance both in Arabia and the Middle East as well.
Al ASALAH Home Finance
We at SAIB believe in the validity of your dreams to own your own home. We also believe that owning a decent residence is also your right as a human being. That is why we have ALASALAH Murabaha Home Finance, an Islamic home financing product tailored to enable you enjoy this sacred right and see the fruition of your dreams.
Features and benefits:
- Financing of completed properties and land purchasing;
- You do not need a guarantor;
- Minimum repayment duration of 60 months and maximum repayment duration of 20 years;
- Joint-finance facility allowing two persons to combine income to finance larger projects;
- Minimum financing amount: SAR 300,000;
- Maximum financing amount: SAR 3,000,000;
- Minimum down payment 30% from property purchase price; and
- Free Takaful life insurance coverage against death or permanent disability without any medical test for finance of up to SAR 1,750,000.