We understand how important it is for you to build your own home. We also understand that home financing should be Shariah–compliant, simple, convenient and transparent. That is precisely what Bayt Al-Khair from Samba offers.
Features & Benefits
- Approved by the Shariah Supervisory Board.
- Finance up to SR 1.5 million.
- Finance up to 85% of the property value (Self - Construction) for the first house.
- Repayment up to 15 years.
- No guarantor required.
- An option of joint ownership with a first-degree relative to get a higher finance amount.
- You can repay earlier than the tenure you have availed.
- Peace of mind
- Fixed profit rate. Your profit rate will never change during the entire tenure of the finance and therefore your monthly installment will never change.
- In case of death or permanent total Medical disability, God forbid, all outstanding amounts will be considered paid subject to terms and conditions of insurance policy.
- Free Takaful property insurance.
- You should be a Saudi national who is at least 22 years of age.
- You should be working for a Samba-approved government, semi-government or private employer for at least one year.
- Your monthly salary should be at least SR 5,000.
Conditions - Owned land
- It should not be mortgaged to any party.
- It should be in a residential area and equipped with electricity and water facilities.
- It should not exceed 1,500 square meters in area.
How to apply?
To avail of a Bayt Al Khair finance from Samba:
- Call SambaPhone toll-free on 800 124 1010.
- Visit a Samba branch.
- Completed Application form.
- A clear photocopy of a valid ID.
- Certificate of employment stating job title, joining date, monthly income and allowances, if any.
- Salary transfer letter from the employer.
Required property documents for initial approval
- Authenticated copy of the estate title.
- A clear location map of the property.
- Segmentation report, if the land deed contains more than one property.
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