2 IN 1 FEATURE
Is the amount of personal finance together with residential finance given to help you get cash for liquidity and a larger amount of the residential finance, as the maximum deduction percentage for both products not to exceed 60% of your monthly income.
Example 1 (Without subscription in “2 in 1 Feature”):
If the customer’s current salary is SAR. 10,000; and wants to get a residential finance and personal finance for liquidity.
The customer will obtain personal finance amounting SAR. 188,800 and residential finance amounting SAR 463,961.
Example 2 (With Subscription in “2 in 1 Feature”):
If the customer’s current salary is SAR. 10,000; and wants to get a residential finance and personal finance for liquidity.
Through participating in the 2 in 1 program, the customer will obtain personal finance amounting SAR. 188,800 and residential finance amounting SAR 1,035,550.
Examples of various salary segments reflecting how to benefit from 2 in 1 Feature in case the customer desire to obtain joined personal finance and residential finance:
Customer’s Salary | Personal Finance Amount (SAR) | Residential Finance Amount (SAR) | RF Tenure/year | PF Installment for 5 years in SAR | RF Installment for 5 years in SAR | RF Installment for the rest of the years in SAR |
5,000 | 94,350 | 474,700 | 30 | 1,650 | 1,350 | 2,500 |
7,000 | 132,000 | 664,600 | 30 | 2,310 | 1,890 | 3,500 |
8,000 | 151,000 | 771,300 | 30 | 2,640 | 2,160 | 4,000 |
10,000 | 188,800 | 1,035,550 | 30 | 3,300 | 2,700 | 5,500 |
12,000 | 226,600 | 1,242,600 | 30 | 3,960 | 3,240 | 6,600 |
14,000 | 264,400 | 1,449,700 | 30 | 4,620 | 3,780 | 6,421 |
15,000 | 283,300 | 1,682,300 | 30 | 4,950 | 4,050 | 9,000 |
20,000 | 377,700 | 2,243,100 | 30 | 6,600 | 5,400 | 12,000 |
How to calculate installment of 2 in 1 Feature:
First period installments consist of two separate sections (one for personal finance and the other for residential finance):
Second period installments (the remaining period of residential finance):
Installment amount represents 55% of the monthly income and lasts until the end of the repayment period.
Illustration Diagram of Feature 2 in 1 installment for a client with monthly income of 10,000 riyals
Note:
The amount of personal finance can be paid over 5 years or less based on the customer’s choice and terms and conditions.
The amount of residential finance can be paid over 30 years or less based on the customer’s choice and terms and conditions.
In case of an existing personal finance, you can get a larger residential finance through subscribing in “2 in 1” Feature.
The examples mentioned are non-binding and are used for illustrative purpose only where the amount of funding and installments vary according to the customer segment, his employer and financial solvency.
* Terms and conditions apply
** Annual Percentage Rate starts from 4.74% 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).
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