The Minister of Municipalities and Housing, Chairman of the Board of Directors of the Real Estate Development Fund Majid bin Abdullah Al-Hogail, today launched the financing solution “Lowest Financing Profit Margin” initiative, with a rate of 2.59%, for beneficiaries of self-build projects and residential units under construction.
The Real Estate Fund revealed in a statement that the “Lowest Profit Margin” financing initiative—which offers a competitive profit margin of 2.59% in the financing market—is designed to meet the needs and aspirations of “Sakani“ program to own their homes at the lowest financing cost, for a limited period, in partnership with Al Rajhi Bank.
Mansour bin Madi, CEO of the Real Estate Fund, said: ”The “Lowest Profit Margin” financing solution initiative, with a profit margin of 2.59%, is being launched for the second consecutive time in response to requests from “Sakani” beneficiaries, with the aim of providing financing solutions that support home ownership opportunities,“ noting that the initiative is being implemented in partnership with Al Rajhi Bank for a limited time.
He noted that the initiative underscores the ongoing commitment and continuous efforts to support and improve the ability of ”Sakani” beneficiaries to own suitable housing through diverse financing solutions and benefits, in line with the housing program’s objectives. He added that the ”Lowest Financing Profit Margin“ aims to ease the financial burden and address financing challenges to facilitate Saudi families” journey toward homeownership in a manner commensurate with their financial capabilities and actual needs.
Ibn Madi explained that, in addition to the lowest financing profit margin of 2.59%, the Fund allows beneficiaries to take advantage of other financing solutions and benefits for “self-build” and “residential units under construction,” most notably the financing solution “Your Support Equals Your Installment,” which enables beneficiaries to purchase a home with an installment equal to the value of the housing subsidy, up to a maximum of 400 riyals, when utilizing the down payment support package, which provides immediate, non-refundable support of up to 150,000 riyals.
It is worth noting that the Real Estate Development Fund is launching, for the second consecutive time, the financing solution initiative “Lowest Financing Profit Margin,” which stands at 2.59%. The initiative was first launched in September 2023 and, as of the end of the first quarter of this year, has enabled 18,500 beneficiaries to own suitable housing.
