Minimum monthly salary: SAR 7,000.
Down payment starts from 10%.
Salary deduction ratio: up to 65%.
Maximum financing amount: SAR 3,000,000.
Financing term: minimum 5 years and maximum 30 years.
A copy of the property title deed, both sides or electronic
A stamped copy of the building permit or electronic copy that includes the barcode or electricity document stamped by the electricity company, building permit, instrument, and certificate of occupancy.
Product financing application form (signed by the customer)
The original sales contract signed by the owner or stamped by the company/institution
Providing property evaluation fees (the amount of evaluation fees is 2,300 riyals paid by the client)
Providing the advance payment in the customer’s account (it is required to be provided after the order is passed)
If the company is not accredited, periods and wages are required + identification and authentication from the Chamber of Commerce
A copy of the client’s ID signed on the form by the client
Defining the salary and ensuring that the letter is valid, not exceeding one month (approved format).
Account statement + insurance print for the private and semi-governmental sectors and government agencies listed in social insurance
The original form of the Retirement Authority or the General Organization for Social Insurance (for retirees)
Original Takaful Medical Comprehensive Finance Questionnaire
Furniture disclosure letter if there is furniture + a request to purchase an occupied property + a lease contract
The owner’s ID is required, if the owner is an individual, the owner and mobile number are written in it, and if the owner is a company, a commercial register is required, and the identity of a person authorized by the company is written, and the mobile number is written.
The requirement to obtain a certificate from the National Water Company regarding the safety of the water connection and its compliance with the necessary requirements
Minutes of the division of the land on which the property is located (if the land is divided and the deed is not divided)

Find Answers to Common Questions

General

How long does it take for the amount of tawarruq financing to be deposited into the customer’s account?

What is the maximum and minimum amount for tawarruq financing?

Is cash financing available for residents?

Is it necessary to pay fines to transfer ownership?

Do you offer Islamic financing?

Collection

Can I make an early settlement?

What is the procedure for early settlement?

Is it mandatory to declare the source of funds for early settlement?

How much is deducted from the financing amount in case of early settlement?

How can I receive the clearance letter and stop the monthly deduction?

Can I obtain a debt confirmation letter (No Objection Letter)?

What is the mechanism for requesting a clearance letter?

When is the clearance letter issued?

Can I change the deduction to another bank?

Will I receive a message with payment details after settlement?

Is it possible to pay more than one installment within the same month?

The bank did not deduct the installment amount. What should I do?

What payment methods are available?

What delay period in installments requires filing an enforcement order?

Is the debt waived in case of death?

What happens in the case of the customer's death?

Who is responsible in case of default?

Does the company maintain the confidentiality of customer data?

Legal action has been initiated but bank accounts were not frozen. What is the procedure?

When is the suspension lifted after payment?

What are the procedures in case of an accident?

What type of insurance applies to the vehicles?

Credit

What documents are required to transfer ownership for Individual Credit customers?

What is required to renew the vehicle registration?

There is no expiry date on the vehicle registration. Is it open-ended?

Is it mandatory to settle traffic violations to transfer ownership?

I would like to travel using the vehicle. What is required?

The vehicle plate is unclear or damaged. What is the procedure?

Is there a penalty for delaying the transfer of vehicle ownership?

There are no Tamweel Aloula branches in my area. How can vehicle ownership be transferred?

I would like to return the vehicle. What are the procedures?

The vehicle does not match the specifications. Can I return it?

What is required for internal authorization?

What is required for external authorization?

Is it mandatory to settle traffic violations to issue an authorization?

What is required to add an additional driver?

Insurance

How can I request an insurance compensation payout?

What are the procedures after an accident?

How can I obtain a copy of the insurance policy?

What are the procedures for submitting an insurance claim?

What should I do in case of an accident?

What type of insurance applies to the vehicles?

What is meant by partial damage?

The insurance compensation has been transferred. When will it be disbursed to me?

I would like to file a court case to claim damages. What is the procedure?

Is vehicle repair required to receive insurance compensation?

The vehicle has been assessed as a total loss by the insurance company. What are the procedures?

Which entity is responsible for assessing vehicle damage?

What is meant by total loss settlement?

If the vehicle is approved as a total loss, will the contract be canceled?

Who is responsible for periodic vehicle maintenance?

Is a replacement vehicle available if my vehicle is damaged?

Can I choose the insurance company?

Who is the beneficiary of the insurance compensation?

What is meant by insurance benefits?

Are there any amounts I must bear in the event of an accident?

Who is responsible for renewing the vehicle registration?

Can I cancel the insurance policy?

Does the insurance cover fire and natural disasters?

How can I request a repair authorization?

Retail Sales

Do you offer loans to retirees?

Is cash financing available for residents?

What is the minimum and maximum amount for personal financing?

What is the profit rate or margin on financing?

What is the annual percentage rate (APR) on financing?

How do I apply for personal financing?

Are there administrative fees for financing applications?

Do you offer financing programs compliant with Islamic law?

Is the choice of vehicle limited to specific dealers?