FAQs for Housing Finance

Can I sell the house after a specified period?
If the purpose of the sell is to settle your premium financing sooner, the sell is approved. But if the purpose is to transfer the finance burden to a new party/ third party you must make a special request as the third party should meet our conditions and agreement
Is the property subject to your appraisal? Who does the appraisal?
Yes, property is subjected to appraisal by evaluators selected by the bank to assure that the price of the property is accepted to its market value
If my income includes income other than my salary will it be considered?
Half the value of extra income is taken into consideration, provided that the monthly installment does not exceed the amount of salary transferred to us
NOTICE: Decision to accept or reject other sources of income is subject to the bank’s terms and conditions.
Is the income of the spouses for the purposes of funding accepted?
Yes, but both should meet the financing terms
When can an advance payment be made?
Down payment must be deposited in your current account when you get the approval. Down payment required in the approval procedures will be deducted from the total amount of funding upon approval and signing of the contract
Do you change the rate of profit or it remains fixed during the period of funding?
Profit rate remains fixed until the full settlement of premiums for Murabaha financing program to ten years. While in Ijara program participation ratio is reconsidered annually
Do all the products of real estate financing comply with the principles of Sharia?
Yes, all of our financing programs are under the supervision of the legitimacy committee of the Bank and are subjected to its approval
Can I settle the total value of the contract early, and what I benefit from it?
Yes, you can at the time of early settlement. In this case, you will benefit from the deduction of profits