Istisnaa Program
An easy way to own the home you want for your family, Istisnaa helps you with total flexibility. Whether you plan to buy a home or design and construct it yourself, Istisnaa is the right program for your needs.
A program that is Sharia’ah compliant, Istisnaa is the first of its kind in the Kingdom, giving you the choice to designing, building, and owning the home that meets your own standards, and all with simple terms and conditions from Al Rajhi Bank.
Benefits
• No guarantor needed
• Option to choose the home design that suits you
• Simple and easy procedures
• Up to 15 years installment period
• Must be a Saudi national
• Applicant must be no less than 18 years of age
• Monthly income must be at least 2000 SAR
• Up to two owners are permitted for the property
• At least 6 months of employment with employer
Conditions
• Land area must be no less than 200 square metres
• The land should be included in the property assessment
• The land must be located in a major city where construction and real estate companies approved by the bank are available
• Land must be free of anything that might hinder the property’s development and construction
• Property must have its own title deed
• Applicant must provide a copy of the property’s original blueprint
• Applicant must provide the real estate’s construction plans and tables for the building or completion of property
• A price quotation for the construction or completion of the property
• A price quotation of the land the property will be built upon (in the case of the land being owned by a third party)
• Copy of title deed, inclusive of both faces of the deed
• A copy of the construction permit (if the property is to be completed)
• A detailed map indicating the location of the construction site
• Al Rajhi Bank customer will get priority in loan approval
Requirements
• A filled out Istisnaa loan application form
• A copy of your National ID and family card (if available), along with originals
• A copy of the applicant’s family card
• Introduction letter from the employer with a seal from the chamber of commerce detailing years of service, salary, the job title, including allowances, if any