Saudi REDF approves launching mortgage guarantee program

05/10/2017 Argaam

The Saudi Real Estate Development Fund (REDF) has approved launching a mortgage guarantee program, tailored to serve a large number of applicants on the waiting list, state-owned Saudi Press Agency said on Thursday.

 

The new scheme, launched in coordination with the finance ministry and the Kingdom's central bank, will provide home loans to applicants through commercial banks and home financiers which will cover funding risks.

 

Civil, military, and private sector employees are expected to benefit from the planned program.

 

The REDF board also gave the go-ahead for applicants to transfer pending loan applications to qualified, first-degree relatives, SPA said.

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