Alinma Bank has signed a 25-year, affordable mortgage program with the Saudi Real Estate Development Fund (REDF) to provide finance for homebuyers, the bank said in a statement.
Last October, the Saudi cabinet issued directives calling for coordination among the ministry of housing, ministry of finance, and the Saudi Arabian Monetary Authority (SAMA) to launch an affordable mortgage plan.
Under the program, home buyers are responsible for a down payment of 15 percent of the property’s value, and commercial banks should finance 70 percent. An additional 15 percent that would be guaranteed by the Ministry of Finance.
Saudi authorities have lately taken steps to boost home ownership in the kingdom, as a shortage of affordable housing has been a common social and economic grievance among Saudi nationals.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}