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 Flexible Real Estate Financing

 Flexible Real Estate Financing by Bank Albilad

14-10-2024

Two in one financing from Bank Albilad!


Looking forward to getting the maximum cash you want? Bank Albilad made that possible with the flexible real estate financing. Though this program, you can now get both personal and real estate financing at the same time by optimizing your maximum credit limit. 

What are the features of the Flexible Real Estate Financing by Bank Albilad? 

  • Sharia-compliant financing service
  • Financing period of up to 30 years
  • Competitive and fixed profit rate during the whole contract period
  • Available with no salary transfer for banks employees and approved sectors employees
  • Up to 65% for the debt burden ration "DBR"
  • Ability to apply for financing jointly with one of your first-degree relatives
  • Early settlement is available as per SAMA regulations
  • No guarantor required

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Terms and Conditions 


  • Open current account with Bank Albilad
  • Customer must be 20 years or older
  • Customer must be an employee of a public or private sector approved by Bank Albilad.
  • Customer's salary should be 3,000 SAR or more
  • Real estate must be located within urban area  
  • Period of employment must 1 month or more at the current employer
  • Customer should be 70 years or younger when making the last payment

​Required Documents


Customer Documents 


  • Valid ID 
  • ID copy for military employees
  • A letter from the customer's employer indicating: monthly salary (Basic and allowances), job title, date of employment

  • A statement of salary transfer from employer ( in case financed with salary transfer)



Real estate documents


  • Copy of the title deed
  • Copy of building permits 
  • Copy of owner ID
  • Sketch of property location
  • Filling “property information” form
  • Filling “financing” form
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FAQs

 

Is there any management fee?

The management fee is 1% of the financing amount with cap of SAR 5,000.

 

What is the difference between the usual real estate financing and the flexible real estate financing?

 

This example will illustrate the difference between the usual real estate financing and the flexible real estate financing:

 A customer with a 13,000 SAR monthly salary wants to get a Real Estate Financing for 20 years while having a personal finance outstanding.


The usual real estate financing

Type of finance: Dari Finance​
Real Estate Finance for 20 years600,000 SAR
Monthly installment for personal Finance (5 years)4,000 SAR
Monthly installment for Real Estate Finance (20 years)4,450 SAR 

 

Flexible Real Estate Financing

Type of Finance: Flexible Real Estate Finance ​
Real Estate Finance for 20 years1,010,000 SAR
Monthly installment for personal Finance (5 years)4,000 SAR
Monthly installment for Real Estate Finance (First 5 years)4,450 SAR 
Monthly installment for Real Estate Finance (Following 15 years)8,450 SAR

 

 

How the profit margin is calculated?

Here is an example of how the profit margin is calculated:

Home Financing ​
Real Estate valueSAR 500,000
Finance amount90% of real estate value
Type of profit margin (Fixed or Variable)Fixed Rate 
APR6.55%
Management feesManagement fees is 1% of the Financing Amount with Cap. of SAR 5,000
Finance duration25 years
Type of installmentsFunding principal and profit 
Monthly installmentSAR 3,000
Early settlement The value of the remaining asset with an additional 3 months earnings

*Terms and conditions apply
The annual percentage rate varies based on the amount and maturity period and Subjected to the customer's credit history 
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All Rights Reserved © 2024 Bank Albilad is a Saudi joint stock company, with National Unified No. 7001473102, Head Office: Al Mutamarat 8229, Building No 2, RIYADH 3952 - 12711, KSA. Under monitoring and supervision of Saudi Central Bank and licensed by Royal decree 48/M on 1425/9/21H (4/11/2004 G).


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