Subsidized Finance from REDF

REDF supports you with the profits of the loan up to SR 500,000

Subsidized Finance from REDF

The client will pay the full amount of the monthly payment due to the bank, and the Ministry of Housing / Real Estate Development Fund will only deposit to the client the due profits on a financing amount not exceeding SR 500,000.

It is a funding program tailored to the clients of the Ministry of Housing / Real Estate Development Fund who wish to obtain government support through Alawwal Bank to buy the convenient house. Through this program, the customer can obtain financing faster. The client will pay the full amount of the monthly payment due to the bank, and the Ministry of Housing / Real Estate Development Fund will only deposit to the client the due profits on a financing amount not exceeding SR 500,000.

Key Features:

  • We’re Shariah compliant.
  • Available for the beneficiaries of Real Estate Fund / Ministry of Housing only.
  • Your down payment is 10% for the first house and 30% for the second house.
  • The Real Estate Development Fund pays on your behalf all or part of financing profit.
  • 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
  • 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 (Subsidized Finance)

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Alawwal Bank