Al Manzil Al Mubarak :

Arab National Bank is pleased to announce launch of its new housing finance scheme, ‘Al Manzil Al Mubarak’, a fully Sharia-compliant product approved by the Bank’s Sharia Compliance Committee. Al Manzil Al Mubarak is a financial solution that enables you, our valued customer, to own a house and realize your long sought dream. Payment for the house is made over flexible monthly rental installments to ultimately take ownership of the house.We have introduced this product in line with our commitment to providing Financial Solutions for a better life.

Al Manzil Al Mubarak Housing Finance Benefits:

The product is fully Sharia-compliant.
Enables you to own the house after payment of all monthly rental installments.
Maximum finance amount is SR 2 million and minimum amount is SR 200 thousand.
Flexible payback over monthly installments. Payback period up to 20 years.
You can team-up with your spouse.
Freedom to select the house you intend to own.
Early repayment of monthly rental installments one year after the contract signature date.
Waiver of all outstanding installments in case of death (God forbid).
Al Manzil Al Mubarak Qualification Criteria:

If your salary is at least SR 5,000 and above.
If you are employed in the government or private sector .
If you have completed at least 5 years of employment,
If your age is at least 28 years on the application date,
If you transfer your monthly salary to Arab National Bank,
If you make a promise to purchase advance payment equivalent to at least 10% of the property valuation, and
If you deposit SR 1,500 representing property valuation fees.
Then you qualify to apply for Al Manzil Al Mubarak Housing Finance.

Al Manzil Al Mubarak Documentation Requirements:

Completed and signed Al Manzil Al Mubarak application form.
Purchase application and promise to lease (Form # 1).
Property quotation (Form # 3).
Price quotation and agreement/purchase acceptance (Form # 4).
Building permit copy.
Copy of property title deed.
Property roadmap (as applicable).
Salary introduction letter with years of service and joining date.
Copy of Saudi ID card.
Bank statements for the last 3 months.
Health condition statement/declaration.