In a new step that promotes access to adequate housing and eases the burden on citizens, the Real Estate Development Fund (REF) launched the “Easy Mortgage Program“, which gives beneficiaries of the housing support program a golden opportunity to own their first home with a reduced down payment of only 5%, instead of the 10% required by most financing agencies.

What is the Easy Mortgage Program?

What is the Affordable Mortgage Program?

The Easy Mortgage Program is one of the initiatives of the Real Estate Development Fund and targets the beneficiaries of the housing support program, as it works to reduce the down payment required to purchase the first home from 10% to 5% only, provided that the price of the housing unit does not exceed 800 thousand riyals.

Program Objectives

The launch of the Easy Mortgage Program comes within the country's strategy to facilitate home ownership for citizens, and focuses on two main objectives:

• Easing the burden of the down payment, which has been a barrier for many families wishing to own a home.
• Easing the homeownership journey for beneficiaries of the housing support program through additional support that enhances their ability to purchase their first home.

What housing products are covered by the program? The “Easy Mortgage” program is distinguished by its comprehensiveness of the various types of housing products available within the housing support, as it includes:

• Ready housing units: Whether from ministry projects or real estate developers.
• Under construction housing units: These are those purchased as part of off-plan sales projects.

Conditions to benefit from the program

To benefit from the Easy Mortgage Program, three basic conditions must be met:

To benefit from the Easy Mortgage Program, three basic conditions must be met:

• To be a beneficiary of the housing support program.
• The property must be the beneficiary's first home.
• The price of the property should not exceed 800 thousand riyals.

The importance of the program in supporting ownership

<The down payment is one of the biggest challenges facing citizens who want to buy a home, especially for those who do not have sufficient savings. “Easy Mortgage” comes to fill this gap, contributing to raising the rate of home ownership, one of the targets of Saudi Vision 2030.

.

Government support promotes family stability

By offering flexible financing solutions, such as reducing the down payment to 5%, the program contributes to:

• Reduce the amount of time a citizen needs to save for a down payment.
• Raising the ownership rate for Saudi families.
• Providing a stable housing environment that enhances the quality of life.