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Residential Finance Products
ADVANCE PAYMENT SUPPORT PACKAGE
| About |
Support upfront value provided by the Real Estate Development Fund to cover the down payment is disbursed as one payment directly to the Bank and is not disbursed to the client's current account for the subsidized customers only. |
|---|---|
| Type of financing | Tawarruq |
| Terms & Conditions |
In case the beneficiary benefits from the advance payment support package, it is not possible to benefit from the soft mortgage. In the event that the beneficiary benefits from the down payment support package, it is not possible to benefit from the calculation of the support as part of the income. The final salary is less than 10 thousand: the amount of support is 150 thousand The final salary is more than 10 thousand: the amount of support is 100 thousand |
| Additional benefits |
The possibility of obtaining personal finance with real estate financing 2-in-1 property No down payment Financing period up to a maximum of 25 years, provided that the beneficiary customer bears all the resulting profits related to the increase from the financing period approved by the Real Estate Development Fund, which is 20 years. |
LAND AND CONSTRUCTION PRODUCER
| About |
Granting the client financing in the form of Tawarruq to finance the land and the construction |
|---|---|
| Type of financing | Tawarruq |
| Supporting Documents |
Client Documents: (ID – Letter of Identification (Income Documents) - Declaration of Expenses and Obligations –Client's SIMAH consent ).
Property documents: (land title deed – Approved sketch – Contractor's offer according to the previous mechanism). The building permit is not required when applying and will be mandatory when applying for payment of construction payments. it will be added to the application.
Documents after Operations Approval: (Tawarruq Financing Contract - Payment Schedule with Summary - Subsidized Contract Addendum (for subsidized Clients) - Order Bonds). |
| Terms & Conditions |
The maximum Loan amount is 7 million riyals Maximum funding period 30 years The applicant must be at least 20 years old The age of the property should not exceed 35 years at the end of the repayment period Accepted properties are (Villas, Buildings) The location of the property should be within the approved cities of the product The building offer must match the license available or to be issued later according to the bank's policies, so that payments are not stopped. |
| Work Mechanism |
The customer applies to the financier for the product. Assessing the financial capacity of the client. Payment of fees and valuation of the property. The client's signature on the Tawarruq contract (with the guarantee of mortgage of the property). Mortgage the property in favor of the bank. Deposit the amount to the customer's account. |
REFINANCING
| About |
A Shariah-compliant financing product, allowing the client to refinance their existing financing. |
|---|---|
| Type of financing | Tawarruq |
| Terms & Conditions |
The maximum Loan amount is 1 million riyals. The maximum financing period is 30 years. The applicant must be at least 20 years old. The age of the property should not exceed 45 years at the end of the repayment period. The accepted properties are (villa, apartment, building). The location of the property should be within the approved cities of the product. |
| Work Mechanism |
The customer applies to the financier for the product. Assessing the financial capacity of the client. Payment of fees and valuation of the property. The client's signature on the Tawarruq contract (with the guarantee of mortgage of the property). Mortgage the property in favor of the bank. Deposit the amount to the customer's account. |
EQUITY RELEASE PRODUCT
| About |
A Shariah-compliant financing product, which is carried out through a contract between the bank and the customer. The bank assists the customer to obtain cash up to 80% of the value of the property. |
|---|---|
| Type of financing | Tawarruq |
| Terms & Conditions |
The maximum loan amount is 2 million riyals Maximum funding period of 15 years The applicant must be at least 20 years old The age of the property should not exceed 35 years at the end of the repayment period Accepted properties are (villa, apartment, building) The location of the property should be within the approved cities of the product |
| Work Mechanism |
The customer applies to the financier for the product. Assessing the financial capacity of the client. Payment of fees and valuation of the property. The client's signature on the Tawarruq contract (with the guarantee of mortgage of the property). Mortgage the property in favor of the bank. Deposit the amount to the customer's account. |
READY UNITS FROM THE MARKET
| About |
It is a product that aims to obtain real estate financing backed by profits to buy a ready housing unit from the market with the support of the Ministry of Housing to enable the eligible citizen to own the appropriate housing, and he is free to buy the housing unit in any location he chooses. |
|---|---|
| Type of financing | Murabaha |
| Terms & Conditions |
The residential unit must comply with the terms and conditions of the bank's policy in accepting the property. Building permit to be provided Property title deed must be provided A water meter connection certificate must be provided (if the service is available in the residential area) Construction Completion Certificate (Ashghal) must be provided The electric current release certificate must be provided |
| Additional benefits |
Available to customers without salary transfer according to the approved bank policy |
OFF PLAN PRODUCT
| About |
A product that contributes to supporting citizens to buy housing units under construction "off-plan" in projects of real estate developers approved by the Ministry of Housing and the Bank. |
|---|---|
| Type of financing | Tawarruq |
| Supporting Documents | Tawarruq Contract – Residential Unit Price Proposal – Istisna 'Contract (off-plan purchase contract between the real estate developer and the client) |
| Work Mechanism |
The customer applies to the financier for the product Provide a price quote from the developer Assessing the client's financial capacity Recording the stages of construction Customer Signs Additional Account Management Contract Disbursement of amounts to the developer according to the stage of construction |
| Additional benefits |
Grace period of (3) years out of the financing amount, with the possibility of covering the installment with the support provided by the Real Estate Development Fund Receive your unit's product contract in less than 24 hours, and sign a contract after five working days |
SELF-CONSTRUCTION PRODUCT
| About |
A product that contributes to the construction of your home under your own supervision by obtaining cash payments that are disbursed according to the percentage of construction stages |
|---|---|
| Type of financing | Tawarruq |
| Terms & Conditions |
Applying for a Building Permit via Baladi Platform Must adhere to the Saudi B code |
| Supporting Documents | Tawarruq Contract – Additional Account Management Contract |
| Work Mechanism |
The customer applies to the financier for the product. Submitting 3 bids from contractors. Assessing the financial capacity of the client. Recording the stages of construction. Customer Signs Additional Account Management Contract. Mortgage the land to the bank. Disbursement of amounts to the customer according to the stage of construction. Calculating the value of the land owned by the customer in the first installment |
| Additional benefits |
Grace period for a period of (6) months out of the financing amount, with the possibility of covering the installment with the support provided by the Real Estate Development Fund. |
PRODUCT OF LAND AND LOAN
| Definition |
This is an Islamic financing product in accordance with the principles of Islamic Sharia. It offers clients self-construction financing on land owned by the Ministry of Housing, specifically allocated to the client. This empowers the client to construct their own home under their supervision. The process involves receiving cash disbursements in accordance with the completion stages of the construction. |
|---|---|
| Type of financing | Tawarruq |
| Terms & Conditions |
The client must be a beneficiary of the Real Estate Development Fund. The land is allocated by the Ministry of Housing. Maximum financing duration is 20 years, extendable up to 25 years based on client preference. Eligible properties include villas and residential buildings. Applicable in all cities approved by the Real Estate Development Fund, where lands are granted by the Ministry of Housing. Application for building permits is done through the "Baladi" platform. Adherence to the Saudi Building Code is mandatory. |
| Supporting Documents |
Client's ID Letter of Identification (Income Documents) Acknowledgment of expenses and commitments Client’s SIMAH Consent
Land deed or declaration (if no deed is available) Building permit Approved sketch Three quotations from contractors Land Dharaa decision (if the property lacks a separate deed) Allocation contract authenticated by the Ministry of Housing and the client |
| Application Process |
Client applies to the financier for the product. Financial capacity assessment of the client. Submission of three contractor quotations. Client signs the Extra Account Management Agreement. Registration of construction stages. Pledging the land to the bank's benefit. Disbursement of amounts to the client based on the construction stage, with a maximum of 30% in each installment. |
| Additional benefits |
This is available to clients without salary transfers, following the bank's approved policy. |
Ready Units from the Ministry of Housing
| Definition |
The Ministry of Housing constructs residential units, and upon their readiness, presents them to qualified ministry beneficiaries for support. The ready residential units are offered to eligible clients at a reduced selling price. The bank or financing entity then issues a purchase check for the residential unit at the discounted selling price upon the clearance of the unit's deed. The deed is either pledged to the bank in the case of a Murabaha transaction or registered in the bank's name for lease arrangements. It's noteworthy that the reduction aligns with the entirety, or a portion of the down payment specified by the central bank. |
|---|---|
| Type of financing | Murabaha |
| Operational Mechanism |
Client applies to the financier for the product. Financial capacity assessment of the client. |
| Additional benefits |
This is available to clients without salary transfers, following the bank's approved policy. |
Enhancement of the Retiree Program
| Definition |
This program is designed to accommodate retired clients, marked by a recent policy shift extending the age eligibility for clients up to 75 years. Additionally, the minimum income requirement has been reduced from 10,000 to 4,000. |
|---|---|
| Objective of the Feature |
Extension of Client Retirement Age to 75 |
| Type of financing | Murabaha - Tawarruq |
Extended Financing Feature
| Definition |
A real estate financing solution from the bank that extends beyond the retirement age up to 75 years. Upon retirement, the monthly installment is adjusted based on the client's post-retirement income from social insurance and the Public Pension Agency. |
|---|---|
| Objective of the Feature |
An extension of the financing period tailored for clients near retirement age. |
Convenient Mortgage Feature
| Definition |
A feature provided by the Ministry of Housing and the Development Fund allows clients the opportunity to reduce the down payment amount. The ministry/fund guarantees 5% of the required down payment from the customer, with the mortgage provider increasing the financing ceiling by 5%. |
|---|---|
| Objective of the Feature |
Reducing the down payment to 5%" |
| Terms & Conditions |
Property price does not exceed 800,000. Must be the first property. Must be married. Family members should be more than one. The client must be over 25 years old. |
Residential Finance Transfer Program
| Definition |
A financing product complaint with the Islamic Sharia, allowing customers to refinance and transfer their current residential financing debt from any financing entity to the Saudi National Bank (SNB). |
|---|---|
| Finance Type | Tawaruq - Murabaha |
| Additional Benefits |
2 months installments postponing. Extended (Connect Financing) feature beyond retirement age. 2 in 1 feature (if the customer agrees to transfer the personal finance debt). |
| Key Conditions |
At least 2 years must pass since the residential finance from the other financing entity. Transferring the client’s salary to the Saudi National Bank (SNB). Minimum salary of SAR 5,000. |
The 2-in-1 Feature
| Definition |
It is the provision of a combined personal loan and residential Loan, helping you to acquire both cash liquidity and a larger real estate loan simultaneously. |
|---|---|
| Calculation of Installments for the 2-in-1 Feature |
First period installments consist of two separate sections (one for personal finance and the other for residential finance): Installment amount of Personal Finance lasts until the end of personal finance duration Installment amount of Residential Finance lasts until the payment of residential finance duration. Second period installments (the remaining period of residential finance): Installment amount represents 55% of the monthly income and lasts until the end of the repayment period. |
| General Notes | The personal financing amount can be repaid within 5 years or less, according to the customer's preference and the terms and conditions.
The Residential financing amount can be repaid within 30 years or less, according to the customer's preference and the terms and conditions. In the presence of an existing personal loan, the client can also obtain a larger real estate financing through the 2-in-1 feature. |
Terms and conditions apply.
- Annual percentage rate starts from 7.46%.
- Administrative fees and assessment fees (1% of the financing amount or 5,000 Saudi Riyals, whichever is lower).
- Fixed installment cost.
Apply for your real estate financing through one of the following methods:
- SNB Estate Application
- Visit the nearest SNB branch.
- Call the banking marketing phone at 8002441005.
Finance calculator
Home Finance Calculator
Property Value
SR
Downpayment
* 5% - 30% Maximum of the property value
SR 0
SR 0
Finance Period (Years)
Years 5
Years 25
Residential Finance Programs
Residential Finance Services
Annual Percentage Rates
View the pricing and calculations related to our finance and savings products.
