- The first in the Kingdom
- Shariah-compliant financing through forward Ijara Finance
- Competitive profit rate
- Repayment period up to 30 years
- Financing of up to SR 5,000,000
- Waiver of the remaining installments in case of death
- Waiver of the remaining installments in case of complete disability
- Free Insurance against fires and natural disasters
Are you eligible?
- A Saudi national
- A minimum salary of SR 10,000
- All employment sectors, including pensioners
- A minimum employment period of 1 year
- A minimum age of 21 years
- Call us or apply online to check your eligibility and finance details
- Visit the project sales office to choose your home or to consult our sales representative on site
Diyar Al Salam Residences
Situated at the heart of Jeddah in Al Salama District, Diyar Al Salam is a residential oasis built on 9,595 square meters with 140 apartments spread over 8 buildings. Amenities include fitness centers, a multi-purpose events room and library, nursery, an 1,866-square-meter sky garden, four reception lobbies and a covered parking garage.
The starting price for apartments is SR 600,000
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Frequently Asked Questions
What is the Off-Plan Program?
It’s a program to finance housing units under construction, according to the specifications provided by the real estate developer and selected by the customer.
Does the Off-Plan Program include all real estate developers?
No, it only includes developers accredited by the Off-Plan Committee and the Bank.
Which government agencies are responsible for accrediting off-plan projects?
The Off-Plan Committee by the Ministry of Housing.
Is it possible for a customer from outside the city of the project to apply for the program?
Yes, it is.
Are joint-applicants possible for the program?
No, the program is currently only available for individual applications.
Is it possible to offer property for rent?
Yes, after project completion and transferring the title deed to the customer’s name.
Is it possible to benefit from the property before project completion?
No, it’s not possible until the project is 100% completed.
Does the property deed remain in the Bank’s name until the finance has been paid off?
Yes, and as soon as you complete your payments, the property is transferred to your name.
Is it possible to make an early settlement on the remaining due loan amount?
Yes, according to the terms of the early settlement. You can contact us to find out more about the conditions.
Does the monthly installment change during the finance period?
Yes, it changes at the end of the second year of the contract, and the change is in accordance with the index of lending between Saudi banks (SIBOR). The increase or decrease is not capped.
Is a down payment required?
Yes, it is 30% of the value of the unit, including the unit maintenance fees (if any).
Is there a fee for property valuation?
Yes, SR 5000.
If my income increases, can I request to pay a higher monthly installment?
No, we don’t currently offer this facility.
What’s the minimum and maximum finance period?
The minimum is 5 years and the maximum is 30 years.
When do I start paying my installments, before or after the completion of the project?
You start to pay your installments immediately upon signing the contract.
Can I extend my remaining installment tenure?
No, this service is not currently available.
Can I get another finance after receiving Off-Plan Finance?
No, after receiving the Off-Plan Finance, we can’t accept an application for home finance, personal finance or credit cards.
What cases do you cover through the life insurance policy?
Our customers are exempted from the remaining due payments in case of permanent total disability or natural death. You can contact us to find out more about the full terms and conditions of insurance.
What accidents are covered by insurance on the property?
Our insurance covers fires and natural disasters, but there are certain conditions that apply for compensation. For example, we do not compensate fire damage in case of customer negligence. You can contact us to find out more about the full terms and conditions of insurance.
Is the Bank responsible for property maintenance?
Maintenance doesn’t fall under the Bank’s responsibility. It’s the responsibility of the customer, though you can claim the warrantees provided from the developer.
Is there a maintenance fee?
Yes, for the first three years from signing the contract. It is included in the down payment fee. From then on, the maintenance fee is determined according to the property’s landlord association that the client is a part of, where he must pay any maintenance fees agreed on by the association.
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