<a style="color: #993300" href="https://srco.com. SRC, a wholly-owned subsidiary of the Public Investment Fund (PIF), announced that it has lowered its long-term fixed-rate mortgage rate (LTFR) by 26 basis points for maturities between 20 and 30 years and fixed the rate for maturities of less than 20 years.
SRC's announcement comes in line with the Saudi Arabian government's efforts to reduce the number of mortgages available in the Kingdom. This comes in an effort to encourage fair pricing, raise awareness among beneficiaries and support Saudi families to own homes by setting a benchmark that contributes to supporting the stability of the real estate finance market in the Kingdom and protecting beneficiaries from price fluctuations, as this reduction is also expected to have a positive impact on promoting growth in the sector, supporting market stability and maintaining the growing contribution of the financial sector to GDP.
The company's president said that the reduction is expected to have a positive impact on promoting growth in the sector, supporting market stability and maintaining the growing contribution of the financial sector to GDP. <The CEO of <a style="color: #993300" href="https://amlak.net.The decision comes in line with the company's commitment to support the sustainable growth of the housing market in the Kingdom, based on our vision and our belief in our role as a key contributor to the economic development of the Kingdom. The reduction in the long-term mortgage rate by a fixed percentage reflects our study of market changes and our commitment to enhance liquidity and provide capital and risk management solutions to mortgage providers, which contributes to offering mortgage financing solutions at favorable profit margins that increase home ownership by Saudi families." Fabrice Sosini said.
It is noteworthy that the company launched a fixed rate long-term mortgage rate in 2018 as a benchmark aimed at supporting the stability of the housing market and protecting beneficiaries from fluctuations in profit margins, believing that this reduction, along with the company's initiative to extend the maturity period from 25 to 30 years, will contribute to the growth of the market and enhance the overall economic development efforts in the Kingdom.
The Public Investment Fund (PIF) was the main source of funding for the company.
The Public Investment Fund established Saudi Mortgage Refinance Company in 2017 to be a key pillar and catalyst for the growth and sustainability of residential mortgage financing in the Kingdom, after obtaining a license from the Saudi Central Bank to operate in the secondary market for mortgage financing.
The Public Investment Fund established Saudi Mortgage Refinance Company in 2017 to be a key pillar and driver of growth and sustainability of residential mortgage financing in the Kingdom.
