employee-financing-program-en

Employee Financing Program

Al Rajhi Bank is always seeking customer service leadership and puts its “passion for customers and innovation” at the forefront of all its activities. Thus, the Bank is happy to announce the launch of the Corporate induction Form in the Employee Finance Program through the Bank's website. With this form, companies can apply online for the financing program for their employees. This form aims at increasing the efficiency of the employees financing services in the private sector as the Bank is committed to providing the best services and financing solutions for corporate employees.

Company Induction Form

Features

  • Sharia Complaint Financing
  • REDF support to cover the full/portion of profit
  • Quick Financing Approval
  • Home Insurance
  • Longer Financing Tenor up to 30 Years.
  • Higher Financing Eligibility up to SAR 5 Million
  • Financing ratio of up to 90%
  • Exemption of heirs from paying the remaining installments in the event of death "God forbid”.
  • Annual Percentage Rate is 4.08% for Murabaha products
  • Management fees equal to 1% of finance amount or SAR 5,000 whichever is less

Terms and Conditions

  • Shariah Compliant

    All of our programs are approved and monitored by Al Rajhi Bank's Shariah Board.

  • Borrowing Power

    The first step is to explore is the amount you can borrow. Typically, finance for an Investment Property is up to 5 times the annual income or rental of the property. If you use the additional annual to repay the loan, then you can borrow a larger amount.

  • Property Conditions

    Must be under 20 years old, fully constructed and have an independent title deed. The property should be located within an urban setting and be priced between SAR 1 million - 5 million.

How To Apply

  • Please visit your nearest Al Rajhi Bank branch
  • Call us at 8001241222
  • Apply Online
  • Am I Eligible?

Here are the things that we’ll need from you…

Eligibility & Criteria

  • Minimum Age 21 Years
  • Maximum Age 60 Years (or as per military retirement age)
  • Length of service: 6 months for government employees and 12 months for private companies


Required Documents

  • Application Form
  • Salary Certificate sealed by employer
  • Verified copy of national ID
  • Salary Assignment letter in favour of ARB/customer current account or the approved SAREA form
  • Copy of Title Deed (both sides)
  • Copy of Building permits (both sides)
  • Property location sketch diagram
  • If there is a difference in the LAND dimensions between the title deed and the ground, a letter from municipality needs to be obtained

FOR ENQUIRIES CALL:

+9668001241222
Frequently Asked Questions:
  • 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.