Suspended By REDF additional financing
Based on the Murabaha principle, this is a real estate financing program for customers who meet our credit conditions. This type of funding will be granted to Saudi citizen beneficiaries who have been issued Royal approvals on the available and eligible state loan of 500 thousand Riyals.
Al Rajhi Bank will purchase the property on behalf of the beneficiary customer in full amount to the seller on basis that the Development Fund will pay an amount of 500 thousand Riyals on behalf of the customer (beneficiary) towards the bank as an advance payment of the purchase amount. Following will be an explanation of the program steps.
REDF Murabha Explained
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Buying the Property
Al Rajhi Bank's Development Fund acquires the property from the Seller on your behalf
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Advance Payment
The Development Fund will pay 500,000 Riyals to the bank on your behalf, as an advance payment of the purchase amount
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Transfer of Funds
The Fund pays the full amount of the fund loan to the customer’s Al Rajhi account (NCA) in a maximum of (4) payments
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Government Housing Program (Madoum)
We offer Madoum Housing Finance to REDF customers to purchase the property of their choice and get the profit payment of the monthly installment compensated as “Cash back” by REDF as per the terms & conditions mentioned herein. REDF profit subsidy percentage is based on customer category (example: Category –D-100%, C-75%, B -50% -A 25 %) the criteria and category are defined by REDF.
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Government Housing Program (Moajal)
We offer Moajal Real Estate Finance in coordination with Real Estate Development Fund (REDF). The program offers pre-selected customers the flexibility of choosing a completed Property from either, the primary (direct from the developer) or secondary (re-sale) market and obtains financing from Al Rajhi Bank. As per the program terms & conditions, customer are eligible to get the monthly profit payment as “Cash Back”.
Terms and Conditions
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Moajal Housing Finance
- Customer must be in the approved REDF list for this program as it is limited to selected Saudi citizens only
- Profit subsidy is restricted to a maximum finance amount of SAR 500,000
- Subsidy Finance is restricted to maximum tenor of 15 years
- Non-subsidy funding (over and above REDF 500K) is funded up to 20 years at banks commercial rate subject to borrower eligibility
- First 15 years 100% profit on/ up to 500,000 is paid by REDF and after completion of tenor, the borrower must pay back profit @1% on 500,000 in 60 monthly installments
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Madoum Housing Finance
- Customer must be in the approved REDF list for this program as it is limited to selected Saudi citizens only
- Customer must be in the approved REDF list for this program as it is limited to selected Saudi citizens only
- The Madoum Home Financing Program is offered only to salary transfer customers only
- The maximum finance tenor for the subsidized funding up to SAR 500,000 is 30 years
- The max finance tenor for funding over and above REDF SAR 500,000 is up to 30 years
- REDF profit subsidy percentage is based on customer category as per the criteria and category defined by REDF
- The Title of the property will be registered in Al Rajhi Bank's name and it will be transferred to the customer only after full repayment of both subsidized and non-subsidized funding dues including principle and profit of the full loan tenor.
- Interest / Profit free Funding up to SAR 500,000 for 30 years * As per REDF defined customer category.
- Single contract finance with interest subsidy monthly charge back* and loan equated monthly installment repayments
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Features

- 10% Down Payment
- Sharia Complaint Financing
- Quick Financing Approval
- Longer Financing Tenor up to 30 Years
- Higher Financing Eligibility up to SAR 5 Million
- Annual Percentage Rate starts from 5.05% for Ijara products
- Annual Percentage Rate starts from 6.48% for Murabaha products
- Management fees equals to 1% of finance amount or SAR 5,000 whichever is less
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Am I Eligible ?
Eligibility & Criteria
- Minimum Salary Starting from SAR 2,000 (SAR 1,900 for retirees)
- Maximum Customer Age: Civilians: 60 or retirement age (which ever comes earlier)Retirees: 65 Military: subject to their rank retirement age
Required Documents
SALARY TRANSFER
- Duly Filled Application form
- Copy of Valid ID for Saudi National and Passport copy with valid IQAMA for Expats
- Employment letter
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Apply through Al Mubasher
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Find a Branch
REDF
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Are the ARB home finance products Shariah compliant?Yes. All ARB Home finance products are Shariah compliant and have been designed on the basis of Islamic principles.
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Can I make an early settlement of the remaining amount?Yes, according to the terms of early settlement. You can contact us to find out more about the conditions.
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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.