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Self-Construction (Demolish & Reconstruct)

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Key Features of the Self - Construction

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.

Client Politics

The client must be a beneficiary of the Real Estate Development Fund or the Ministry of Housing.

Shariah financing

Shariah compliant financing

Repayment

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

Payment support

Concessional financing

Up to 30 years

Financing period up to 30 years

Quick approvals

Quick and instant approvals

Profit margin

Competitive and fixed profit margin throughout the financing period

For all employers

Available for approved and un-approved employers

Up to 70

Financing up to the age of 70

For retired clients

Possibility of financing retired clients

Flexible

Flexible installment feature

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

  • 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

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 20 years You Can Borrow 30 years You Pay Monthly
SAR 5,000 SAR 353,357 SAR 477,454 SAR 2,500
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 20 years You Can Borrow 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

Home Finance Calculator

Please note that this calculator only helps you calculate the approximate financing amount and does not represent the exact amount of financing and payments. For actual approval details, please contact us at 8001241222

Your Monthly Payment SAR

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Your Finance Amount SAR

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Total Amount Payable SAR

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APR

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