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Home Finance for Saudi Citizens

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Home Finance for Saudi Citizens

Overview

Our Murabaha-based home finance is specifically designed for Saudi citizens employed in the public or private sectors, as well as retirees. This program supports the objectives of Saudi Vision 2030 by increasing homeownership rates through flexible and transparent financing solutions that empower you to own your home with confidence and ease.

Key Features

Fixed profit margin and fixed monthly installments
Financing up to SAR 30 million
No salary transfer required
Property deed under the customer’s name
No employer agreement required
Option for joint financing to increase eligibility
Flexible repayment options
Financing period up to 30 years or until the age of 75
Includes support from the Ministry of Housing and the Real Estate Development Fund (REDF)
Debt waiver in case of death or total disability (God forbid)
Fully Shariah-compliant

Eligibility Criteria

Saudi nationality
Age between 20 and 75 at the end of the financing term
Minimum monthly income of SAR 4,000
Down payment starting from 10%
Property must be within urban boundaries and meet financing criteria
Passing the credit evaluation

Required Docs

Copy of national ID
Bank statement for the last 3 months
Salary certificate or pension statement
Completed finance application form
Copy of property title deed
Property location sketch

Fees

Administration fee: 1% of the financing amount or SAR 5,000 (whichever is lower)

FAQ

  • REDF Home Lending Program was specifically designed to encourage more home ownership among Saudi Citizens. Under the program, REDF beneficiaries receive a monthly payment made to the beneficiary to cover profit amounts on up to SAR 500,000 in financed amount.
  • Under the program, REDF beneficiaries, provide a down payment of 5% instead of the SAMA mandated 10% requirement for standard real estate financing. The REDF provides a guarantee equal to 5% of the property value. The maximum property value permitted under this program is SR 800,000.
  • The REDF Home Lending Program has collaborated with the General Organization for Social Insurance’s Masakin program, administered by Dar Al Tamleek, to provide the most exceptional home government loan program for approved beneficiaries employed in the government employees, private sector employees, and all retirees.
  • The value of the property in question is determined by an appraisal which is a prime factor in determining the value. Dar Al Tamleek will arrange for an appraisal of the client’s property to verify its value through an authorized professional who estimates the value of the property and sends the information to Dar Al Tamleek for evaluation.
  • Saudi nationals must be at least 20 years of age but no more than 68 at the time of application. They must have good credit, earn a minimum of SR 4,000 per month and work in a government sector position for at least one year.
  • Yes, As long as they are employed in the government sector or pensioners
  • Masakin is a program that features a fixed profit rate Murabaha for financing homes up to 30 years. The product also features up to half-year “grace period” where no payments will be made and offers one of the most competitive profit rates in the Kingdom.
  • Yes, the grace period is optional for Masakin customers.
  • Profit rates will vary based on the number of years of financing.
  • The profit rate for the graced period and the remaining contract balance will have to be paid in full.
  • The program is available throughout the Kingdom at any Public Pension Agency office or through Dar Al Tamleek branches. Call 920011433 for the closest branch near you.
  • A minimum of SAR 150,000 and maximum of SAR 5,000,000 is allowed.
  • An independent appraisal company will determine the value of the property.
  • Completed villas, duplexes, townhomes and apartments qualify for the program. However the property cannot be more than 20 years of age when financed. Property eligibility requirements are subject to change.
  • Yes, apartment buildings are eligible. However the total size cannot exceed 10 apartments and the buyer must live in one of the apartments.
  • Yes, second homes qualify for the program.
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REDF & MOH Beneficiaries

The REDF Subsidized Lending Program has collaborated with the General Organization for Social Insurance’s Masakin program for all government, private sectors, and all retirees. the program is administered by Dar Al Tamleek.