Murabaha Real Estate Installments Program
Owning the real estate that fulfills your needs, whether you’re searching for a piece of land, a villa, an apartment, or even commercial property, is easier than you think. The Murabaha Program, an Shari’ah compliant installment plan can help you. With Murabaha, Al Rajhi Bank buys the property you wish to own and sells it to you over a period of time in the form of installments with a profit margin approved by both parties.
Benefits
• Simple procedures
• No guarantor needed
• No down payment
• Installment period of up to 15 years
• Property can have up to two owners
• Choice in purchasing a variety of real estate properties, including residential homes, commercial real estate, or investment in real estate
• At least 6 months of employment with employer
• Must bee a Saudi national
• Applicant must be no less than 18 years of age
• Monthly income must be 2000 SAR or more
Conditions:
• Real estate must be fully constructed
• Property should be no less than 20 years old
• Area of land must be no less than 200Sq M
• Property must have its own title deed
• Copy of the building permit. If unavailable, the assessment of the director of the credit administration
• Fillled out property valuation request
• A plan or blueprint clearly displaying the property and its site
• Duplex villas must include division details
• A Tharaa agreement on apartments, in case the apartment does not have its own title deed, approved by an engineering office and the municipality
• The Murabaha Program does not include agricultural properties, old/historic buildings, or uncompleted construction sites
Requirements
• Applicant must have a current account with salary transfers to Al Rajhi Bank
• A filled out loan application form
• A copy of your National ID and family card (if available), along with originals
• 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
• Copy of applicant’s salary transfer to the bank
• A letter from applicant stating his interest in the property, a document that must be included with the previous documents