The Public Pension Agency (PPA) has launched the new version of the «Masaken» program, which includes many improvements and new concessionary conditions for financing housing for all current and retired government employees, including military and civilians, as it continues to support citizens« aspirations for home ownership.
Masaken Program
Registering Property Ownership
One of the best things that distinguishes Masaken from other mortgage programs is the registration of the ownership of the property in the name of the beneficiary and the real implementation of the mortgage mechanism, which adds a kind of clarity of mind and peace of mind for customers, in addition to many unique advantages such as the low profit margin and the stability of the monthly installments that do not change throughout the financing period, which is up to 30 years, which provides more financial stability to its beneficiaries.Registration of the property in the name of the beneficiary and the implementation of the mortgage mechanism in a real way.
Freedom of choice of bank
The freedom to choose any bank in the Kingdom by the program customer to deduct the monthly installments is a unique feature, as the program does not deal with only one bank, which adds financial freedom for the beneficiary of the program to choose the bank he prefers to deal with. In addition, Musaken provides a »grace period« for beneficiaries for six months from the date of receiving the property for a financing period of more than ten years, to facilitate the transition to the new home and reduce the financial burden on citizens.Musakan also provides a »grace period« for beneficiaries for six months from the date of receipt of the property for the financing period that exceeds ten years.
Providing adequate housing
<Based on the Public Pension Agency's keenness to develop its financial resources, support the activities of the participants in the retirement systems and meet their needs, the Agency conducted a study whose results showed the need for state employees and retirees to have a housing purchase program that meets their needs and helps them obtain suitable housing. Therefore, the Public Pension Corporation started to implement this program, through which it provides financial facilities up to five million riyals, to finance employees and a segment of retirees subject to the retirement system (civil and military) who wish to buy a house for them.Advantages of the Masaken
Musakan provides long-term financing in easy installments, while giving the beneficiary a grace period for repayment. The benefits of this program benefit all state employees who occupy fixed positions in the state's general budget or public bodies and institutions subject to the retirement system, including male and female employees and military personnel. Spouses can also benefit from the program as joint beneficiaries. The Public Retirement Corporation has entrusted Dar Al Tamleek to manage the Masaken program.
The Masaken program is a financing method based on the Sharia-compliant Murabaha formula, whereby the Public Pension Agency buys and owns the property (villa / duplex / apartment / apartment / residential buildings) at the request and desire of the beneficiary (employee / retiree) and then sells it to the beneficiary in installments with a specified profit margin.
Masaken program is a financing method based on the Murabaha formula.
