At Samba we believe that financing the purchase of your plot of land should be simple, convenient and transparent. That is precisely what Bayt Al-Khair from Samba offers – a shariah-compliant way to meet your home financing needs.
Features & Benefits
- Approved by the Shariah Supervisory Board.
- Finance up to SR 1.5 million.
- Finance up to 70% of the property value (Land Plot).
- Repayment period 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 – Plot of Land
- It should not be mortgaged to any party.
- It should be in a residential area (availability of facilities are not required if it is inside urban range).
- It should not exceed 1,500 square meters in area.
How to apply?
To avail of a Bayt Al Khair finance from Samba:
- Call 24-hour 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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