Easy Mortgage from REDF

REDF supports you with 5% down payment, to pay it in installments.

Easy Mortgage from REDF

It is a financing program tailored for the clients of the Ministry of Housing and Real Estate Development Fund who wish to obtain governmental support through Alawwal Bank to purchase the convenient house. Through this program, the client can obtain financing faster, and on behalf of the client, the Ministry / Fund will guarantee 5% of the property value to a maximum limit of SR 40,000 to the bank as part of the required down payment.

Main features:

  • We’re Shariah compliant.
  • Available for the beneficiaries of Real Estate Fund / Ministry of Housing only.
  • Your downpayment is 10% for the first house and 30% for the second house.
  • The Ministry / Fund will guarantee 5% of the property value to a maximum limit of SR 40,000
  • We can finance you up to SR 2 million.
  • You can defer your first 6 payments.
  • Your remaining repayments would be waived in the event of death or complete disability.
  • You’re insured against fire and natural disasters.
  •  Possibility of transferring your loan from another bank.

Financing options and formats:

  • Ijara (Lease with the promise of ownership)
  • Murabaha
  • Home Building Finance
  • Off-Plan Finance (sale of properties on map)

Types of properties to be financed:

  • Ready apartments
  • Ready villas
  • Apartments / villas through a sale program on the map (off-plan)
  • Home building on land owned by the client

*Alawwal Home and Cash financing program does not apply to the Easy Mortgage program

Customer eligibility:

  • Must be a beneficiary of the subsidized financing program (Easy Mortgage Program).
  • Must be a single applicant (i.e. not applicable to co-borrower)
  • Minimum salary is SR 10,000
  • Minimum duration in current job: 3 months
  • Age: from 21 to 60 years

Documents Required:

Client documents

  • Fill out the real estate financing application form
  • Copy of ID / Residence ( Iqama)
  • Letter of Introduction from the employer
  • Salary Transfer Form
  • Certificate form of health declaration.

Property documents

A copy of the title deed (both sides)

  • Stipulated right of cancellation form signed by property owner*
  • A copy of the owner's ID
  • Location map of the home and price quotation*
  • Separation Report from Municipality (for unseparated villas)
  • A copy of the construction license

* We will provide you with the forms to be filled.

Frequently asked questions (FAQs)

*Terms and Conditions apply. Annual Profit Rate (APR) starts from 3.53%. Appraisal fee is 1% or SR 5,000 whichever is lower. All fees & service charges are available on our website and in our branches. The products advertised in this marketing material are not suitable for customers of age below 21 years.

Call us on 800 124 2525 or visit your nearest Alawwal Bank branch

Home Finance Request (Easy Mortgage)

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Alawwal Bank