Self-construction product subsidized by REDF: 

For land owner who aim to build their homes according to their need by home finance through supported profit installments for an amount of SAR500,000 compatibles with Shariah provided for REDF and Ministry of Housing.

It’s a product based on the concept of Tawarruq, where finance is provided to fulfill customer partial or full needs to construct a residence. The finance is received by payments according to progress phases schedule agreed upon with the customers at the time of contracting. And the finance is paid by monthly installments until the amount is fully paid.

Product concept:

SAB owns metal purchased and sells it to customers at an agreed upon fixed profit, the customer can produce an official power of attorney for SAB shortly after purchasing metal at the market prevailing prices then receive the amount of finance, to mortgage land as a guarantee until the amount is fully paid.

Example

Rates/prices presented are examples and they may vary depending on different factors such as the customer’s credit history and worthiness.