Tamalak Under-construction Property

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Tamalak Under-construction Property

 

A financial product designed to own an under construction property from an approved developer or an off-plan unit from an approved off plan project. 

 

Advantages :

 

-Finance in the form of Ijara Mousofa fil Thimmah with the promise to grant in accordance with sharia principles. 

-Financing for all government, semi-government, private sectors, banks and self-employed

 *- finance for citizens and expatriate

  - Financing up to 5 million Saudi riyals

 - Financing period up to 30 years

- No salary transfer required.

- Possibility of early or partial settlement. 

- Takaful insurance on the real-estate unit against fires and natural disasters

** - Exemption in case of total disability or natural death – God forbid-

-The customer can lease the property to another party after approval of "Amlak International"

 

 Terms :

 

  Citizen Expatriate
Age 21 years 25 years
Monthly Income

Starting from 8,000 SR

Starting from 15,000 SR
Length of service 3 months 2 Years

Property type

Villa, Duplex, Apartment under construction from an approved developer

Villa, Duplex, Apartment under construction from an approved developer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* Approval from the Ministry of Interior for residents is required.

**Terms and conditions apply.

APR annual profit margin starts from 5.83%

 

 

 FAQ's :

 

Is the product Sharia compliant?

Yes, all Amlak international products are approved by Shariah Board.

 

Is it required that the financed property to be by an approved developer by Amlak?

Yes, and you can see the list of projects approved by Amlak. To view the projects page please visit the link.

 

Is early settlement possible?

Yes, after two years from the start of the finance .

 

How is the early settlement amount calculated?

The amount of early settlement equals the remaining principal amount of the finance at the time of settlement and the profit margin of the next three instalments.

 

Is partial settlement possible?

Yes, once a year after two years of the financing period

partial settlement amount shall not exceed 30% of the remaining principal amount .

 

How do I apply for a finance?

You can apply for a finance through one of the following options:

- Apply online

- Contact Amlak at 920026525

- Visit one of Amlak's branches

 

 

 

Required documents

Apply now

Real-estate projects

 

 

Comments

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Since: Monday, 10 September 2018 17:09
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