- We’re Shariah compliant
- You can defer you first 6 payments for Murabaha
- We offer a competitive profit rate
- You can apply for joint finance with a family member
- Your finance will be available in 5 days
- We offer a repayment period of up to 30 years
- We can finance up to SR 5 million
- Your remaining repayments would be waived in the event of death or complete disability
- You’re insured against fire and natural disasters
- We can also finance home building or construction completion
- Fixed rate finance (Murabaha): finance land, apartments, ready or under construction villas, and residential buildings
Eligibility and Documents
|Minimum Salary||SR 10,000||SR 10,000||SR 10,000|
|Minimum Employment Period||3 months||3 months||12 months|
|Age||21 to 60||21 to 60||25 to 60|
Documents you’ll need to supply:
- Your completed Home Finance application form
- A copy of your ID/Iqama
- A letter from your employer
- A salary transfer form
- Your completed health declaration form certificate
Joint applicant, if any, needs to provide the same documents
- A copy of the title deed (both sides)
- Stipulated right of cancellation form signed by property owner*
- Copy of owner ID
- Location map of the home and price quotation*
- Separation Report from Municipality (for unseparated villas)
- A copy of the Building Permission (not required for land)
*We will provide you with the forms to complete
Frequently Asked Questions
Can I make adjustments or changes to the property?
Sure, but you’re responsible for any costs related to those changes and any contraventions. You’d need to visit any Alawwal Bank branch to get our written approval and then apply for the necessary municipal permission.
Am I able to rent out the property?
We don’t offer this facility as yet, but please contact us should you wish to rent your property as we may have added this feature by that stage.
Can I change the property to another property?
No, this isn’t possible. You’d need to pay the entire remaining finance balance and have the property in your name. If you’d like to finance another property, you’d have to apply for a new home finance, which would again be subject to bank approval based on our terms and conditions.
Is the property owned by the Bank or its subsidiaries until I have paid all the remaining amounts?
Yes, but as soon as you’ve paid all of the full outstanding amount, the property will be registered in your name.
Can I settle the remaining amount earlier?
Sure, as per the terms of your contract with us. Please contact us to learn more about the conditions.
Does the profit rate change during my finance period?
This depends on the type of finance you’ve chosen. Our Murabaha finance offers a fixed profit rate.
If my income increases, am I able to pay a higher monthly installment?
Currently, we can’t offer this but should you be in a position to increase your repayments, please get in touch and we can check if this feature has been added.
Can I extend my remaining installments?
We don’t offer this facility as yet, but please contact us should you wish to extend your remaining installment period as we may have added this feature by that stage.
Can I apply for personal finance while I’m repaying my home loan?
Yes, of course, provided that you don’t exceed your monthly installment limit as per our credit policy. Please call us to check if you’re eligible for personal finance.
Can I apply for another home loan while I’m repaying my existing home loan?
We can’t offer this as yet but please check if this facility has been added when you’re ready to apply for another home loan.
What’s covered by the life insurance policy?
You would be exempted from paying the remaining installments in the case of permanent total disability or natural death, provided that you submitted correct information in the Health Declaration Form during your application for Home Finance.
What accidents are covered by insurance on the property?
We generally cover fires and natural disasters in our policy but certain conditions are applicable.
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.
*5% VAT applicable
Call us on 800 124 2525 or visit your nearest Alawwal Bank branch