SRC cuts profit rates for home financing products

24/06/2021 Argaam

Logo of Saudi Real Estate Refinance Co.

Saudi Real Estate Refinance Co. (SRC) lowered profit rates for its long-term fixed-rate (LTFR) home financing products by 10 basis points on average across tenor. 

 

It said the rate reduction makes LTFR even more accessible and affordable for Saudi citizens through SRC’s partners that include banks and non-bank lenders operating in the Kingdom.

 

“We have undertaken several reviews to lower the profit rates in accordance with global market conditions. We also took the necessary measures to ensure our operational excellence and efficiency so that we can ensure profit rates are maintained at the lowest possible level in order to achieve our goal of increasing home ownership rates in the Kingdom,” said Fabrice Susini, CEO of SRC.

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