Ready Unit

Ready Unit Product:

Ready-made unit product is a product that is based on the concept of Murabaha or leasing, where the bank buys a property according to the customer's request and then sells it / lease it to the customer by monthly installments until the financing is fully paid.

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 SAB by monthly installments over the financing period.

Example

Murabaha
Early Payment Fees	Monthly Installment*	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.

Required Documents

Salary introduction letter
Salary Transfer Letter
Identification card
Mortgage application form
Medical questionnaire
Full Medical questionnaire if the amount above 3,000,000

Product specifications and features

Approved by Sharia Board as Murabaha
Easy installments that fit the customer’s obligations
Purchase of existing indebtedness.
Financing amount up to SAR 7 Million and no less than SAR150,000.
A waiver on payment of finance amount remained in case of death or permanent disability –god forbid-.
Administrative fee 1% of the value of the financing or SAR5000, whichever is lower, excluding VAT.
Minimum Salary starting from SAR3500.
Choosing the desired property whether (Villa, Duplex, Town house Apartment).
An advance payment 10% for first residence owners and 30% for others.
Properties can be financed until the age of 35 at the end of financing, and can be till 40 years if the value of the land is equivalent to 40% of the property value.
Finance can be obtained for up to 30 years and no less than two years.
90% of first property value can be financed and 70% of else.
Step up payments as per customer obligations. Allow customer to obtain 2in 1 products.
Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension
Combo gives the customer ability to obtain personal and home finance in case the client approaches retirement age.