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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 25 years

Possibility of early repayment at any time at the request of the customer.

Concessional financing

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”

Obtaining financing approval quickly and in record time

Possibility of financing retired clients

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
Your Monthly Salary	20 Years	30 Years	You Pay Monthly
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
Your Monthly Salary	Salary of Joint–Applicant	20 Years	30 Years	You Pay Monthly
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

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You can apply through alrajhi bank Online

Via Branches

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Personal Details:

Enter Your Monthly Salary

SAR 500 is monthly cashback cap
Cashback is eligible on transactions done in the eligible cashback categories. As per T&C
Cashback is eligible on the given credit limit.