Off-plan is one of the home finance solutions that enable you to benefit from Sakani and REDF programs to own a housing unit under construction (Villa - Townhouse - Apartment)
Off-plan sales or rent program aims to market and sell the real estate unit before or during the development or construction stage, by putting the description of the house plan or a building model in its final form after the completion of the development or construction, and ensure the commitment of the real estate developer to implement according to the model and agreed specifications.
- Sharia Complaint Financing
- Competitive Annual Percentage Rate
- Ability to finance the advance payment
- Ability to delay the finance principle and deduct part of the monthly installment (profits only) during the construction period up to a maximum of 24 months
- Step up financing solution on various products.
- Military support feature for the advance payment is up to SR 140,000 according to the admission criteria of the program
- Civil support for advance payments of up to SR 140,000 (age 50 and over) according to the admission criteria of the program
- Calculate the amount of residential support as part of the customer's income
- Annual Percentage Rate starts from 5.82% for Ijarah products
- Management fees equal to 1% of finance amount or SAR 5,000 whichever is less
Terms and Conditions
All of our programs are approved and monitored by Al Rajhi Bank's Shariah Board.
The first step is to explore is the amount you can borrow. Typically, finance for an Investment Property is up to 5 times the annual income or rental of the property. If you use the additional annual to repay the loan, then you can borrow a larger amount.
Must be under 20 years old, fully constructed and have an independent title deed. The property should be located within an urban setting and be priced between SAR 1 million - 5 million.
Terms and Conditions
- For Saudi citizens only.
- For government and private sectors which are approved by the bank.
- Terms & Conditions of Al Rajhi Bank will Apply.
The bank is controlled and supervised by SAMA
What happens if I want to sell the property before the financing is paid off?You would need to make an immediate repayment of the principle outstanding amount by way of early settlement and we would transfer the title in your name or to the person you requested.