What is the scope of the property location?
The property must be within the scope of the First Bank’s branches
What are the cities acceptable to you in the Kingdom?
You can purchase in the main cities approved by the bank. You can contact us to check the city on number 8001242525
Can I, for example, work in Mecca or Riyadh and buy a property in Jeddah?
Yes, provided that both cities (the city where the property exists and the city where the customer works have a branch of the First Bank).
Can a villa of one floor be financed?
Yes a villa can be financed if it is one floor or two floors.
Are there any conditions related to the type of the property?
Yes, the property must be located within the urban area of the main cities and the title deed should not be pledged to any party.
Are there any conditions related to the built-up and completed construction properties?
Completed construction properties must be equipped with electricity and ready for housing.
Are there any conditions related to lands?
The size of land should not be less than 200 square meters.
Is there a specific age related to the property?
Yes, for apartments and unfinished villas, the age is not more than one year.
For completed villas, the age is not more than 15 years for Ijara financing and 20 years for Murabaha financing.
Will all the properties be financed by Murabaha and Ijara?
The completed villas / apartments will be financed by Murabaha contract, but unfinished villas will be financed by Ijara contract only.
Will the property be evaluated by the bank, and who will evaluate it?
Yes, the Bank will evaluate the property by two approved evaluation agencies.
Do I have the right to know the results of the property evaluation?
Yes if requested.