The Ministry of Housing plans to launch a housing savings program aimed at enabling citizens to purchase a housing unit for a maximum of 1.04 million riyals. The draft regulations for joining the program specify four categories of beneficiaries based on their monthly savings amount—300, 500, 1,000, and 2,000 riyals—provided that the saver remains a regular participant in the program for at least 3 years.

The Housing Savings Fund aims to provide savings programs and solutions supported by a number of grants and incentives for beneficiaries, with the goal of providing a down payment to facilitate citizens" access to housing financing, which will be achieved by enrolling beneficiaries in the homeownership pathway to be launched soon by the Ministry of Housing. The project has also identified four key stages to enable beneficiaries to obtain low-cost financing for home purchases, beginning with enrollment in the program, followed by receiving the program grant and guarantees equivalent to the savings amount, and then securing financing.

The program allows participants to transfer their savings account balance to a family member or relative, and participants are entitled to withdraw all savings in their account at any time without forfeiting the program’s incentives, in addition to the option to suspend or defer deductions for a period not exceeding 6 months within a 3-year period.

The Housing Savings Program aims to provide savings solutions to enable low- and middle-income citizens to own a home within 5 to 7 years. It is expected to involve both the government and citizens to provide them with affordable housing.