The Economy website presents the details of the self-construction financing program – your house, build it on your own, from the Saudi Bank of Albilad.
Bank Albilad, in cooperation with the Real Estate Development Fund and the Ministry of Housing, offers self-construction financing, which allows you to adequately finance the construction of your desired property through 4 financing payments distributed over the construction stages.
Self-construction financing is based on equity financing, whereby the property owned by the client is mortgaged to Bank Albilad, and then the necessary payments are disbursed to the client to build or complete his property.
The main advantages of financing self-construction
Complies with the regulations of the Shariah Committee of Bank Albilad.
The amount of financing is up to three million riyals (3,000,000) riyals.
Financing tenure of up to 25 years.
The value of the property increases with each payment.
Without down payment and financing up to 90% of the property value for the first payment.
The value of the property increases with each payment.
The possibility of financing retired clients with a deduction of up to 65% of the salary.
Conditions
The customer must have a current account with Bank Albilad.
The age of the customer should not be less than 20 years.
The customer must be working in one of the establishments approved by the bank in the public or private sectors.
The client’s monthly net income should not be less than 3,000 Saudi riyals.
The age of the customer should not exceed 70 years at the last payment of the monthly installments.
The property must be within the approved plans and within the boundaries of the urban area.
That the client be a beneficiary of the Ministry of Housing and the Real Estate Development Fund.
Required Documents
Customer Documents
A valid identity document (national identity card or family register for Saudis).
A copy of the labor card for employees of the military sectors.
A self-construction request form after filling it out.
real estate documents
A clear picture of the instrument.
Building permit copy.
A clear sketch of the property’s location.
Real estate division report, if any.
Fill out the “View property information” form.
