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Self-construction

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Key Features of the Self - Construction

Self-construction financing is offered through the sharia principle of Murabaha. the customer can build on a land he owns or buy a land and build on it, the product is available for REDF customers and bank customers.

Shariah financing

Shariah compliant financing

Up to 70

Financing up to the age of 70

Up to 30 years

Financing period up to 30 years

Profit margin

Competitive and fixed profit margin throughout the financing period

Land owned by the customer

The possibility to finance the customer to build a land owned by the customer

5.000.000 SAR

Financing amount up to SAR 5 Million

Ministry of housing support

The possibility of financing the customer to build of a land gifted by the ministry of housing

Up to 70

Financing up to the age of 70

Incomplete financing

The possibility of financing an incomplete property

Up to 3 month

Grace Period up to 3 Months

For all customers

Available for salary and Non-salary transferred customers

Flexible

Flexible installment feature

For all employers

Available for approved and un-approved employers

Quick approvals

Quick and instant approvals

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.

  • Property offer price

  • 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

Joint applicants

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

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