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Self-Construction (Demolish & Reconstruct)
This concept falls under the umbrella of the self-Construction financing, where the customer can buy an old property and then demolish it and rebuild it according to the customer’s desire and based on the available credit limit.
Features:

Shariah compliant financing

financing period up to 30 years



Available for salary and Non-salary transferred customers

Available for approved and un-approved employers

Quick and instant approvals

Flexible installment feature

Competitive and fixed profit margin throughout the financing period

“ waiver/exemption of outstanding finance amount in the event of death or disability”


Terms and Required documents

A statement of salary transfer from employer ( in case financed with salary transfer)

Buying an old property and transferring it in the name of the customer and mortgaging it to the bank

Copy of building permits

Copy of the title deed

Monthly expense declaration form

Valid ID

Salary certificate from employer

Sketch of property location

The client obtains a demolition permit and demolishes the property

Minimum age of 18

The bank will make sure that the property is demolished and start paying the construction payments to the customer.

Construction batches are 4 or 5 batches depending on the customer segment.

Minimum service 3 months

Filling "financing" form Submit Now
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How much money can you borrow?
The first step for you is to explore the amount you can borrow. Typically, you can borrow up to 53 times your salary to buy a land. The tables will give you closer idea.
Single Applicant
Your Monthly Salary | You Can Borrow | You Pay Monthly | |
20 Years | 30 Years | ||
SAR 5,000 | SAR 353,357 | SAR 477,454 | SAR 2,500 |
SAR SAR 8,000 | SAR 621,908 | SAR 840,318 | SAR 4,400 |
SAR 10,000 | SAR 848,057 | SAR 1,145,889 | SAR 6,000 |
SAR 12,000 | SAR 1,060,071 | SAR 1,432,361 | SAR 7,500 |
SAR 15,000 | SAR 1,272,085 | SAR 1,718,833 | SAR 9,000 |
Joint Applicants
Your Monthly Salary | Salary of Joint–Applicant | You Can Borrow | You Pay Monthly | |
20 Years | 30 Years | |||
SAR 5,000 | SAR 3,000 | SAR 621,908 | SAR 840,318 | SAR 4,400 |
SAR 7,500 | SAR 5,000 | SAR 954,064 | SAR 1,289,125 | SAR 6,750 |
SAR 10,000 | SAR 8,000 | SAR 1,272,085 | SAR 1,718,833 | SAR 9,000 |
SAR 12,000 | SAR 10,000 | SAR 1,590,106 | SAR 2,148,541 | SAR 11,250 |
SAR 15,000 | SAR 12,000 | SAR 1,908,127 | SAR 2,578,249 | SAR 13,500 |
You can also apply through the following channels

Apply Now
You can apply through alrajhi bank Online

Via Branches
There is always a branch nearby