Required Docs

Required Documents

  • Completed Application Form, Signed
  • Saudi National ID and family ID to verify dependents, Signed

 

Income Documents

  • Salary letter from employer on letterhead with authorized signature indicating hire/start date, current position & status, monthly or annual salary/wages, and any additional bonus income if applicable ( the letter may be addressed to the Public Pension Agency) dated within 60 days of contract date.
  • Bank statements for last 6 month period reflecting the consistent transfer of income
  • Direct debit form with signature verification by the bank
  • Masakin program application fees of 200SAR

 

Additional Income Documents

  • Documentation of the nature of the income
  • Any documents that clarify the additional income (e.g. lease contracts)
  • Bank statement for the last 2 years that clarifies the additional income

 

Property Documents

  • Property seller’s offer and the agreement to sell property, signed by seller with seller’s mobile phone number, and signed by the customer(s) to verify price and property
  • Copy of building license. The date the building license was issued will be used to determine the property age unless a more recent date is established with: completion certificate for construction of the property, earliest date electricity was delivered to the property, evidenced by a receipt from the electric company
  • Copy of property deed signed by seller
  • Property location map
  • Copy of property deed signed by customer
  • Report of property inspection

Required Documents

  • Completed Application Form, Signed
  • Saudi National ID and family ID to verify dependents, Signed

 

Income Documents

  • Salary letter from employer on letterhead with authorized signature indicating hire/start date, current position & status, monthly or annual salary/wages, and any additional bonus income if applicable ( the letter may be addressed to the Public Pension Agency) dated within 60 days of contract date.
  • Bank statements for last 6 month period reflecting the consistent transfer of income
  • Direct debit form with signature verification by the bank
  • Masakin program application fees of 200SAR

 

Additional Income Documents

  • Documentation of the nature of the income
  • Any documents that clarify the additional income (e.g. lease contracts)
  • Bank statement for the last 2 years that clarifies the additional income

 

Property Documents

  • Property seller’s offer and the agreement to sell property, signed by seller with seller’s mobile phone number, and signed by the customer(s) to verify price and property
  • Copy of building license. The date the building license was issued will be used to determine the property age unless a more recent date is established with: completion certificate for construction of the property, earliest date electricity was delivered to the property, evidenced by a receipt from the electric company
  • Copy of property deed signed by seller
  • Property location map
  • Copy of property deed signed by customer
  • Report of property inspection

Required Documents

  • Completed Application Form, Signed
  • Saudi National ID and family ID to verify dependents, Signed

 

Income Documents

  • Salary letter from employer on letterhead with authorized signature indicating hire/start date, current position & status, monthly or annual salary/wages, and any additional bonus income if applicable ( the letter may be addressed to the Public Pension Agency) dated within 60 days of contract date.
  • Bank statements for last 6 month period reflecting the consistent transfer of income
  • Direct debit form with signature verification by the bank
  • Masakin program application fees of 200SAR

 

Additional Income Documents

  • Documentation of the nature of the income
  • Any documents that clarify the additional income (e.g. lease contracts)
  • Bank statement for the last 2 years that clarifies the additional income

 

Property Documents

  • Property seller’s offer and the agreement to sell property, signed by seller with seller’s mobile phone number, and signed by the customer(s) to verify price and property
  • Copy of building license. The date the building license was issued will be used to determine the property age unless a more recent date is established with: completion certificate for construction of the property, earliest date electricity was delivered to the property, evidenced by a receipt from the electric company
  • Copy of property deed signed by seller
  • Property location map
  • Copy of property deed signed by customer
  • Report of property inspection
Co-applicant

The possibility of solidarity of husband and wife provided they are employed in the government and all pensioners from the Public Pension Agency and General Organization for Social Insurance.

FAQ

  • The Masakin Program is sponsored by Public Pension Agency offers a fixed rate (Murabaha) home financing program to the government employees and pensioners from both the Public Pension Agency and General Organization for Social Insurance. It was specifically designed to encourage more home ownership among all employees and retirees in Saudi Arabia.

  • Ijarah is a lease contract with a profit rate that can change. Murabaha is a purchase contract with a fixed profit rate that won’t change over the life of the contract.

  • The REDF Home Lending Program has collaborated with the Public Pension Agency’s Masakin program, administered by Dar Al Tamleek, to provide the most exceptional home government loan program for approved beneficiaries employed in the government  sectors and all pensioners.

  • The value of the property in question is determined by an appraisal which is a prime factor in determining the value. Dar Al Tamleek will arrange for an appraisal of the client’s property to verify its value through an authorized professional who estimates the value of the property and sends the information to Dar Al Tamleek for evaluation.

  • Saudi nationals must be at least 20 years of age but no more than 68 at the time of application. They must have good credit, earn a minimum of SR 4,000 per month and work in a government sector position for at least one year.

  • Yes, As long as they are employed in the government sector or pensioners 

  • Masakin is a program that features a fixed profit rate Murabaha for financing homes up to 30 years. The product also features up to half-year “grace period” where no payments will be made and offers one of the most competitive profit rates in the Kingdom.

  • Yes, the grace period is optional for Masakin customers.

  • Profit rates will vary based on the number of years of financing.

  • The profit rate for the graced period and the remaining contract balance will have to be paid in full.

  • The program is available throughout the Kingdom at any Public Pension Agency office or through Dar Al Tamleek branches.  Call 920011433 for the closest branch near you.

  • A minimum of SAR 150,000 and maximum of SAR 5,000,000 is allowed.

  • An independent appraisal company will determine the value of the property.

  • Completed villas, duplexes, townhomes and apartments qualify for the program. However the property cannot be more than 20 years of age when financed. Property eligibility requirements are subject to change.

  • Yes, apartment buildings are eligible. However the total size cannot exceed 10 apartments and the buyer must live in one of the apartments.

  • Yes, second homes qualify for the program.

Approval Process

Below is a quick overview of what the approval process is like:

  • Complete Application

  • Pre-Qualification

  • Property Appraisal

  • Final Approval

  • Moving Day

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