Media ININ Economy We Trust
Media In / Riyadh 24 March 2019
The “Housing” program of the Saudi Ministry of Housing has announced the launch of a “good loan” initiative for civilians from the government, military and retired “military” sectors, in addition to the private sector for those 50 years and over, in partnership with banks and financial institutions. 140 thousand riyals in addition to the mortgage loan “subsidized” up to 500 thousand riyals.
The options offered by the program to beneficiaries of the initiative registered in the lists of the Ministry of Housing and the Real Estate Development Fund, including the purchase of prefabricated housing units from the market or the purchase of residential units under construction, were revealed within the Ministry’s projects in partnership with the private sector.
Citizens who meet the requirements can register for the Real Estate Advisor through the “Residential” portal. This service is offered in partnership with 7 banks and financial institutions (Al Ahly, Riyadh, Arab and the country), as well as financing companies: Deutsche Bank , Amlak International Company and Dar Al Tamlik Company) through which the beneficiaries receive the “subsidized” mortgage loan of up to SR 500 thousand. The program has full benefits for their monthly income of SR 14,000 and less, while others are supported by at least 35% interest On the income and the number of family members, in addition to the loan Hassan.
The program “Residential” that the initiative comes from the program to find more solutions to support citizens in the ownership of housing, and from the objectives of “residential” to serve the citizens of different segments and to facilitate access to housing solutions and funding appropriate, which contributes to raising the proportion of ownership , Adding that it is added to the list of funding solutions provided by the program and the most recent announcement of the initiative to support the military in service last year.
Through this initiative, the program aims to enable the beneficiaries to obtain subsidized real estate finance by offering an additional loan of 20% of the value of the property, up to a maximum of 140,000 riyals, Bringing the total loan to a maximum of SR 640,000.
