Real Estate Development Fund

Suspended By REDF additional financing

Based on the Murabaha principle, this is a real estate financing program for customers who meet our credit conditions. This type of funding will be granted to Saudi citizen beneficiaries who have been issued Royal approvals on the available and eligible state loan of 500 thousand Riyals.

Al Rajhi Bank will purchase the property on behalf of the beneficiary customer in full amount to the seller on basis that the Development Fund will pay an amount of 500 thousand Riyals on behalf of the customer (beneficiary) towards the bank as an advance payment of the purchase amount. Following will be an explanation of the program steps.

Terms and Conditions

  • Moajal Housing Finance
    • Customer must be in the approved REDF list for this program as it is limited to selected Saudi citizens only
    • Profit subsidy is restricted to a maximum finance amount of SAR 500,000
    • Subsidy Finance is restricted to maximum tenor of 15 years
    • Non-subsidy funding (over and above REDF 500K) is funded up to 20 years at banks commercial rate subject to borrower eligibility
    • First 15 years 100% profit on/ up to 500,000 is paid by REDF and after completion of tenor, the borrower must pay back profit @1% on 500,000 in 60 monthly installments
  • Madoum Housing Finance
    • Customer must be in the approved REDF list for this program as it is limited to selected Saudi citizens only
    • Customer must be in the approved REDF list for this program as it is limited to selected Saudi citizens only
    • The Madoum Home Financing Program is offered only to salary transfer customers only
    • The maximum finance tenor for the subsidized funding up to SAR 500,000 is 30 years
    • The max finance tenor for funding over and above REDF SAR 500,000 is up to 30 years
    • REDF profit subsidy percentage is based on customer category as per the criteria and category defined by REDF
    • The Title of the property will be registered in Al Rajhi Bank's name and it will be transferred to the customer only after full repayment of both subsidized and non-subsidized funding dues including principle and profit of the full loan tenor.
    • Interest / Profit free Funding up to SAR 500,000 for 30 years * As per REDF defined customer category.
    • Single contract finance with interest subsidy monthly charge back* and loan equated monthly installment repayments

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  • Terms Conditions

    The offer is limited to each contract location as per table below

    Partners Name Offer to ARB Clients
      Dar Al Arkan 
    Riyadh
     Special Prices for Priasiana Living at SAR 950,000.00
      Al Alrgan 
    Riyadh & Eastern Region
    • SAR 50,000 Voucher for Apartments
    • SAR 75,000 Voucher for Duplex
    • SAR 100,000 Voucher for Villa
     redf Retal 
    Eastern Region
    SAR 10,000 Voucher or SAR 10,000 Discount in The Property Value
     redf Dar wa Emaar 
    Eastern Region
    40% Discount from One of their Partners
     redf
    Fan Al Nahda 
    Jeddah
    SAR 10,000 Voucher or SAR 10,000 Discount in The Property Value
     redf Tiraz 
    Riyadh
    Discount of SAR 10,000 or SAR 10,000 Voucher
     redf Amjal 
    Riyadh
     Discount of SAR 10,000
     redf Raj Real Estate 
    Buraidah
     Discount of SAR 10,000
     redf Njoom Al Salam 
    Riyadh
     

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Eligibility & Criteria

  • Minimum Salary Starting from SAR 2,000 (SAR 1,900 for retirees)
  • Maximum Customer Age: Civilians: 60 or retirement age (which ever comes earlier)Retirees: 65 Military: subject to their rank retirement age

Required Documents

SALARY TRANSFER

  • Duly Filled Application form
  • Copy of Valid ID for Saudi National and Passport copy with valid IQAMA for Expats
  • Employment letter

SEND US AN EMAIL

contact@alrajhibank.com.sa

FOR ENQUIRIES IN KSA CALL TOLL FREE:

+966 92 000 5544
Frequently Asked Questions:
REDF
  • Are the ARB home finance products Shariah compliant?
    Yes. All ARB Home finance products are Shariah compliant and have been designed on the basis of Islamic principles.
  • Can I make an early settlement of the remaining amount?
    Yes, according to the terms of early settlement. You can contact us to find out more about the conditions.
  • What happens if I want to sell the property before the financing is paid off?
    You would need to make an immediate repayment of the principle outstanding amount by way of early settlement and we would transfer the title in your name or to the person you requested.