REDF to refund interest to home owners

08/05/2017 Argaam

Saudi Arabia's Real Estate Development Fund (REDF) will refund new home owners who have paid a portion of interest fees and whose monthly income of less than SAR 14,000. 

 

Housing minister Majed Al Hogail said recently that REDF beneficiaries earning less than SAR 14,000 – representing 85 percent of the fund’s current members – will not need to pay interest on mortgage loans, Argaam reported.

 

Last week, the REDF said home mortgage loans will be only linked to monthly income for those earnings less than SAR 14,000 monthly. 

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