Bayt Al-Khair is a simple, convenient and transparent solution to meet your home finance needs. Be the proud owner of a ready villa, a ready apartment, a residential apartment building, home under construction, a plot of land or a self-constructed home, the choice is yours!
Bayt Al-Khair from Samba offers* home finance solutions with a fixed profit rate and little or no down payment. Your monthly installment will not change during the duration of your home finance.
How does Bayt Al-Khair work
Samba Financial Group will first purchase and own the property that you choose. This will then be sold to you through Murabaha, after entering into a finance agreement with Samba. Under this agreement, you will pay the price (cost of the property plus a profit) to Samba in regular monthly installments. The title of the property will be held through a legal trustee (Al-Adl) and will be transferred to you as soon as all your monthly installments are paid.
- Approved by the Shariah Supervisory Board.
- Finance up to SR 5 million.
- Choice of multiple mortgage options that match your needs. Murabaha finance for purchase of a ready villa, ready apartment, residential apartment building, home under construction, a plot of land or to self-construct a home.
- Repayment period up to 30 years.
- No guarantor required.
- An option of joint ownership with a first-degree relative to get a higher finance amount.
- You can repay earlier than the tenure you have availed.
- Enjoy the security of a fixed profit rate throughout the entire tenure. With Bayt Al-Khair, your monthly installment will never fluctuate.
- Free Takaful property insurance**
- In case of death or permanent total Medical disability, God forbid, all outstanding amounts will be considered paid subject to terms and conditions of insurance policy.
|Program||Description||Maximum finance amount|
|Ready/under-construction villa||Buy a ready or under construction villa of your choice, complete building it and repay over a period of up to 30 years.||SR 5 Million|
|Ready/under-construction apartment||Buy a ready or under construction apartment of your choice and repay over a period of up to 25 years.||SR 3 Million|
|Residential apartment building||Buy an apartment building.||SR 5 Million|
|Purchase of land||Buy a plot of land.||SR 1.5 Million|
|Self-constructed home||Construct a villa on a plot of land that you already own.||SR 1.5 Million|
To apply for or learn more about Bayt Al-Khair from Samba:
- Just fill in our online enquiry form and a Samba representative will contact you.
- Call SambaPhone toll-free on 800 124 1010
- Visit a Samba branch. Click here to find the nearest Samba branch in your city.
* Terms and Conditions apply
* Applicable Flat Rate starts from 3% and Applicable Annual Mark-up Rate starts from 5.64%