Saudi REDF signs deals with Amlak International, Sahl

Saudi Arabia’s Real Estate Development Fund (REDF) has signed two agreements with Amlak International For Real Estate Finance Co. and Sahl Co. for Home Loans to provide finance as part of a state-subsidized mortgage program for citizens, Ayham Al Yousef, the fund supervisor and advisor general said in a press conference conducted by the housing ministry.

The two companies will start receiving finance applications within one month from now, he said.

The program aims to facilitate home loans for citizens with limited income, as well as shorten the wait times to the maximum of five years.

In addition to these two companies, a total of eight banks have joined the program so far, including Riyad bank, Arab National Bank, Alinma Bank, Bank Albilad, Al Rajhi Bank, National Commercial Bank, Banque Saudi Fransi, Aljazira Bank, as well as Bidaya Home Finance.