Readymade property
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Readymade Property
Home finance products from Riyad Bank offer you Shariah-compliant financing solutions based on the principles of Murabaha and Ijara.
overview
Overview
Riyad Bank helps you to own your dream home through flexible Shariah-compliance financing programs based on the principles of Murabaha and Ijara.
- Financing amount up to S..R 5 million
- Possibility of joint finance between the primary applicant + 3 first degree relatives
- Possibility of having more than one finance
- Ability to add/cancel joint applicants
- Possibility of early settlement / transfer ownership (Ihlal)/selling to a third party
- Cooperative insurance against all risks
- Exemption in case of death or permanent disability and transfer of ownership of the property to the heirs in accordance with the insurance coverage
- The possibility to calculate the financing amount to 77 years for the Governmental and Private sector, and 75 years to the Military sector
For Home Finance APR disclosure, click here
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Eligibility
Eligibility
- For Saudis only
- Minimum monthly salary of S..R 5,000
- For government, semi-government and private sectors, as well as other bank employees
- Salary transfer is a must (excluding other bank employees)
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How to apply
How to apply
All you need to do is visit your nearest Riyad Bank branch with the following documents:
- Copy of valid Saudi national ID
- Completed application form for Home Finance
- Completed applicant undertaking form
- Completed applicant health declaration
- Salary certificate with salary details
- Bank statement
- Deposit of valuation fees
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Your answers
Frequently asked questions
1
Are home Finance products Shariah-compliant?
2
What are the features and benefits of Riyad Bank Home Finance?
3
Is it possible for bank employees to get financed without transferring their salaries?
4
What is the maximum age required for the property?
5
What are the properties financed by the bank?
6
Can the customer have a joint finance with relatives, such as father, mother, brother, sister, or spouse?
7
Is it possible for a non-Saudi husband to have a joint finance with his Saudi wife?
8
What is the minimum down payment required when purchasing a property?
9
Who owns the title deed of the property?
10
Is there an early settlement option?
11
How does the profit rate change during the finance period?
12
Is it possible to build the land after purchasing it?
13
Can the customer lease the property after purchasing it?
14
Can the customer sell the property during the repayment period?
15
Can the customer have two financing products at the same time?
16
Is it possible to finance the purchase of an incomplete property?
17
Is it possible to pay quarterly or biannual installments?
18
Is it possible to purchase a property without transferring the salary?
19
Is it possible to get a Home Finance against shares/deposits?
20
What are the benefits of life insurance and property insurance?
21
What is the maximum amount of financing?
22
What is the minimum amount of financing that can be provided?
What's after applying online
What's after applying online?
Visit your nearest Riyad Bank branch with the following documents:
- Copy of valid Saudi national ID
- Completed application form for Home Finance
- Completed applicant undertaking form
- Completed applicant health declaration
- Salary certificate with salary details
- Bank statement
- Deposit of valuation fees
For more information please call our toll free number 800-124-2020
The calculations allow you to only simulate approximate loan amounts and estimated monthly repayments. For exact figures please contact us on: 800-124-2020, or visit any of our branches here.
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Apply Online - Purchasing Readymade Property
Home Finance products from Riyad Bank offer you Shariah-compliant financing solutions based on the principles of Murabaha and Ijara. Customers can purchase the property of their choice with flexible payment plans and competitive profit margins.
Please complete the form below
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Need help?
Riyad Line:
800 124 2225
