Is it required to make a down payment?
No, it’s not.
What’s the approved bank’s profit rate for this program?
The rate is fixed and is the same profit rate as the Murabaha program.
Are all procedures of property financing licensed by the Bank’s Sharia Committee?
Is it possible to finance the full value of the property?
No. If the property is incomplete construction villa or land, then the finance amount will be calculated as 70% of the lowest property evaluation provided, so that the finance amount will not exceed your financial capacity according to program policy.
What’s the lowest amount that can be funded according to the “Home Building Finance”?
The lowest amount is SR 200,000.
How much is the evaluation fee for funding a property building or completing its construction?
SR 3,000 for all sectors.
What’s the approved version for financing or completing construction program?
Murabaha, which is a fixed rate.
Will the financing amount be deposited in my Alawwal Bank account?
No. A check will be issued and delivered to you at the Notary Public office, after transferring the title to Alawwal Real Estate Company. You’ll be required to sign a pledge to use the amount in the construction or completion of construction.