The Real Estate Development Fund confirmed that recipients of housing subsidies are making their mortgage payments on time to financing entities, including banks and authorized financial institutions, noting that the default rate among beneficiaries of the subsidized mortgage program has not exceeded 0.23% since the program’s launch in June 2017 through the end of the first quarter of 2022.

In a statement, he said: “The role of the Saudi Central Bank in strengthening the regulatory and legislative environment for the Kingdom’s mortgage financing sector, in addition to the Housing Support Regulations and the enablers provided by the ”Sakani" program—which have contributed to a decrease in the default rate among beneficiaries—noting that one of the most notable outcomes of the housing support programs was enabling 660,000 beneficiaries to own adequate housing by the end of the first half of 2022.

He noted that housing subsidies are deposited on schedule every month on the 24th of each Gregorian month, prior to the deposit of salaries, in an effort to achieve the targets of the housing program —one of the Vision 2030 programs—to increase the homeownership rate to 70 %.