Mortgage – Yesterday, Sunday, the Real Estate Development Fund deposited more than 500 million riyals into the accounts of citizens who are beneficiaries of the "Sakani" program from the Ministry of Housing and the Real Estate Development Fund for the month of August 2020. The Fund allocated this month’s total support to profits from subsidized mortgage financing, noting that the total amount deposited into the accounts of "Sakani" beneficiaries since the announcement of the transformation program in June 2017 through August of this year has exceeded 22.9 billion riyals.
Mansour bin Madi, the Fund’s General Supervisor, stated that the subsidized mortgage loan program enables "Sakani" beneficiaries to obtain a mortgage of up to 500,000 riyals with profit support of up to 100%, emphasizing that the fund will continue to support Mortgage loans under the (Sakani) program on a monthly basis to increase home ownership rates among Saudi families, where subsidy amounts are deposited at the end of each calendar month before the financing installment is deducted from the beneficiary’s bank account.
Ibn Madi emphasized the Fund’s collaborative role with various government agencies and the private sector in developing housing programs and financing solutions that enable citizens to obtain homes that meet their aspirations, noting that the sustainability of subsidized mortgage programs and citizens’ confidence in the program have enabled more than 310,000 Saudi families to secure housing over the past three years.
Mortgage Financing
