Saudi REDF says home finance at not less than 25%

Saudi Arabia's Real Estate Development Fund (REDF) will finance a minimum of 25 percent of new home value, the state-run Saudi Press Agency (SPA) reported on Wednesday citing supervisor and advisor general, Ayham Al Yousef.

The amount will be directly deposited to beneficiaries’ accounts on a monthly basis through the smart support mechanism adopted by the fund.

Ayham added that the support will be first directed to the most needy households across the kingdom.

Meanwhile, REDF will continue announcing the names of beneficiaries every month, as part of its strategy after being converted into a bank.

REDF announced earlier on Wednesday beneficiaries from the first batch of housing products this year.

A total of 15,653 products were offered, including 7,700 and 7,953 mortgage loans by REDF and the ministry of housing, respectively.