Home Finance

The Keys to Your Future. Your dream home could be closer than you imagine. meem's innovative Home Finance is here to help you buy your first home or plan your next move.

Features

Our features have been designed to give you comfort and exceptional value for money.

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Eligibility Criteria

Schedule of Fees &
Charges

Home Finance Charges

Property evaluation & management fees

1% with a cap of SAR 5,000 maximum

Late payment fees

SAR 250

 

* The collected late payment fees are paid on your behalf for charity activities as per the guidelines and supervision of the Shari’ah Supervisory Board.

Murabaha Finance
Example

Property Market Value (SAR)

500,000

Loan to value Ratio

90%

Fixed or Variable Rate

Fixed

Annual Percentage Rate (APR)

6.78%

Maturity in Years

25 Years

Payment Type

Principal and Profit

Monthly Repayment Amount* (SAR)

3,030.00

Early Payment Charges

Profit of future 3 installments

*Annual Percentage Rate & Monthly repayment amount may differ depending on the amount and the maturity period and the prevailing bank rate

Home Finance
Calculator

SAR

Property Value

SAR

Monthly Income

MONTHS

Finance Tenure

Note: This calculation is approximate and not final

Calculate

Start over

Finance

Amount

SAR - - -

Monthly

Payment

SAR - - -

Total

Amount

With Profit

SAR - - -

Fees

(incl. valuation cost)

SAR - - -

Annual

Percentage

- - -%

Frequently asked questions

What are the features and benefits of meem Home Financing?
  • Shariah compliant financing programs based on the principles of Murabaha
  • Quick and easy application process
  • Flexible installment plans to suit your needs
  • Competitive profit rates
  • Fully digital journey including E-title deed transfer
  • Peace of mind with credit life cover in the event of death or permanent total disability ( God forbid)
  • Finance amount up to SAR 5 million
  • Annual Percentage Rate (APR) is starting from *4.68%
  • Admin fees of 1% or SAR 5,000 whichever is less
  • Credit counselling services are provided throughout the application process, to help you assess product risks and make an informed and effective decision
  • Property insurance to protect from accidental damage/destruction of property

For more information call 8001166336

What is the eligibility criteria to apply for Home Finance?
  • Applicants should be Saudi nationals
  • Applicant’s age at the time of finance should not be less than 21 years and not exceed 68 years of age upon expiry of the finance period
  • Applicants should be employed for a minimum 3 months with their current employer
  • Minimum basic salary SAR 3,500
  • Salary should be assigned/transferred to meem
  • The property must be situated in the Kingdom of Saudi Arabia

For more information call 8001166336

How do I apply for Home Finance?

Applying for Home Finance is easy! For existing customers just login to your meem app or internet banking portal and follow the simple steps. For new customers, open your account via the meem app and apply for Home Finance as soon as your account is activated

Do I have to visit a meem store to apply to get Home Finance?

No, our aim is to make your life easier. With meem, you can apply and receive Home Finance 100% digitally through our app including the transfer of electronic title deed for your chosen property

Do you partner with the Real Estate Development Fund of the Ministry of Housing?

We meet all the needs of our customers, whether buying a home directly, or through the Real Estate Development Fund of the Ministry of Housing, we have the right solution for you. For more information call 8001166336

Is meem Home Finance Shariah compliant?

Yes, all meem products are 100% Shariah compliant. meem Home Finance is based on the principles of Murabaha, For more information call 8001166336

Do you provide insurance on the property with Home Finance?

meem provides insurance against accidental property risks or destruction. For more information call 8001166336

What is meant by Annual Percentage Rate (APR)?

The Annual Percentage Rate (APR) is the actual profit charged over the term of the facility and quoted on an annual basis. This is the true cost of financing. It’s calculated through a formula that is derived by dividing the profit paid by the average principal outstanding, over the life of the facility. The profit will be calculated daily starting from the execution of the transaction. For an example of Home Finance calculation, see the table available on here and try out the meem Home Finance calculator here. For more information call 8001166336

What is the APR for meem Home Finance?

Our Annual Percentage Rate (APR) starts from 4.68% and may be subject to change periodically. For more information call 8001166336

What is the profit rate of meem Home Finance?

Our profit rate starts from 2.41% and may change periodically. For more information call 8001166336

Is there any Admin Fees on meem Home Finance?

Our Admin fees is 1% or SAR 5,000, whichever is less. For more information call 8001166336

Does meem Home Finance have installment plans?

We offer flexible instalment plans to suit your needs. For more information call 8001166336

What is the maximum amount provided for Home Finance?

We offer up to SAR 5,000,000. For more information call 8001166336

What happens in case a customer becomes permanently disabled (God forbid)? How can the customer benefit from the finance amount waiver option?

In case a customer becomes permanently disabled (God forbid), meem will waive the remaining finance amount that the customer owes the Bank if the disability continued for at least six months from the date of the event (accident or illness) that caused the disability.

However, to be able to take advantage of this feature, customers are required to provide correct information when completing the Medical Questionnaire at the time of applying for home finance.

For more information call 8001166336

Does meem Home Finance have installment plans?

We offer flexible instalment plans to suit your needs. For more information call 8001166336

Do you provide Credit Counselling services?

Yes, we provide credit counselling services to support our customers in understanding risks so they can make an informed and effective decision before finalizing their application for financing. For more information email [email protected]

Is it mandatory to transfer my salary to meem in order to get Home Finance?

Yes, all customers must transfer and assign their salary to meem in order to obtain Home Finance. For more information call 8001166336

What is the minimum salary to be eligible to apply for meem Home Finance?

The minimum salary to apply for a Home Finance is SAR 5,000. For more information call 8001166336

Is it possible to calculate my finance amount based on my salary?

Yes, please here to calculate your Home Finance amount. For more information call 8001166336

What are the required documents to get Home Finance from meem?
  • Copy of your official and valid I.D. duly signed
  • Property/Land location form
  • Sale contract
  • Copy of the Title Deed
  • Copy of Building construction License OR Electricity Meter License
  • Land Split Letter from Notary Public (as appropriate – if the land has been subdivided)
  • Copies of Property Owner’s and Witnesses I.Ds
  • Salary Introduction Letter less than one month old
  • Salary Assignment Letter (signed by authorized signatory)

Download the app to get started

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