Purchase of land:
Is a product based on the concept of Murabaha, where SABB purchases the land and sells / leases it to the customer, whereby the customer pays part of the selling price in advance while the remaining balance is paid to SABB by monthly installments over the financing period.
Murabaha Home finance
The bank will own the property and then sells it to the customer. The customer pays part of the price as a down payment while the remaining payments are paid to SABB by monthly installments over the financing period.
| Murabaha |
|Early Payment Fees ||Monthly Installment3,030.00 ||Payment Method ||Financing Period ||APR* ||Variable or fixed profit margin ||Max Financing Amount ||Property Value |
|Profits for the next three months || 3,030.00 ||Principal amount plus profit margin ||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.