Under construction residential units (Off plan):
It is financing the purchase of a property under construction or what is called (off
plan), whether it is (villa, apartment, townhouse).
The product is financed under Tawarruq, The finance is received by payments
transferred to the project developer according to progress phases schedule agreed
upon with the customers at the time of contracting. And the finance is paid by
monthly installments until the amount is fully paid.
SABB owns metal purchased from the global market and sells them to customers as
agreed upon fixed profit rate, soon after purchasing metals from SABB, by issuing an
official power of attorney for SABB, the customer can sell metal at the prevailing
prices then obtain financing amount, and the land is mortgaged as a guarantee until
the full amount is paid.
|Early payments fees |
|Monthly Installment* ||Payment Method |
|Financing Period ||APR* ||Variable or fixed profit margin ||Max Financing Amount ||Property Value |
|Profits for |
the next three
|3,030.00 ||Principal amount plus |
|25 Years ||6.78% ||Fixed ||90% ||500,000 |
*The annual percentage rate and the monthly installment may change based on the value of the financing, the
financing period, and the profit margin currently approved by the bank
Rates/prices presented are examples and they may vary depending on different
factors such as the customer’s credit history and worthiness.
Characteristics of Tawarruq Form for Home Finance: