RIYADH: Saudi Arabia has reduced the maximum period of subsidized housing finance from 25 years to 20 years for new applications, 2021, the Ministry of Municipal and Rural Affairs and Housing said in a circular on Tuesday. The change took effect from April 12.
The ministry said that this decision was “in line with the strategy of the housing program for the second phase, to serve the largest number of target groups,” the Al-Watan newspaper reported.
The subsidized mortgage loan program was first implemented in June 2017.
It provides a real estate loan with up to 100 percent, for those whose salary is SR14,000 or less, with a guarantee (on the amount of the profit margin) of up to SR500,000 of the financing amount.
This program targets Saudi citizens who are on the housing support lists of the Real Estate Development Fund, and who meet the Ministry of Housing conditions.
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