The property will be purchased from the owner and a finance account will be opened.
The Bank and the Fund will simultaneously and automatically approve the customer's application and notify the customer directly of the Madoum amount,.
The property selected by the customer will be evaluated.
The customer submits an application to any SNB branch for Madoum RF in partnership with the Real Estate Development Fund.
The customer obtains the approval of the Real Estate Development Fund when s/he receives a text message from the Fund:.
** Annual Percentage Rate 3.99% calculated on the amount of funding 590,000 Riyals for a period of 5 years, including management and assessment fees (1% of funding or 5000 Real value, whichever is less).
Available with the following options :ĮXAMPLES OF CALCULATION OF THE MADOUM FINANCE.
Maximum amount of Madoum Finance is SAR 400,000 as per the SNB's policy..
Maximum amount of Madoum Finance is SAR 500,000 as per the Fund's policy.
The Madoum amount will be 100% for the low and medium-income beneficiaries subject to the Fund regulations. The Madoum amount is calculated based on the number of family members, level of income, and age of the beneficiary. The National Commercial Bank will finance the Fund beneficiaries, and then the Real Estate Development Fund will pay the full or partial profits of the finance on behalf of the beneficiary. Madoum is a Sharia-compliant finance program designed for SNB customers whose applications have been approved by the Real Estate Development Fund.
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