The Real Estate Development Fund (REF) and the Saudi Real Estate Refinance Company (SRRC) signed a multi-phase financing partnership agreement to refinance the first government real estate portfolio owned by the Real Estate Fund worth 10 billion riyals.
In a press release obtained by Arqaam, the Real Estate Development Fund explained that the agreement comes with the aim of enhancing the financial sustainability of the Real Estate Fund and the real estate finance market in the Kingdom to achieve the targets of the Housing Program - one of the programs of the Kingdom's Vision 2030 - to increase the percentage of home ownership for Saudi families to 70% by 2030.
The CEO of the Real Estate Development Fund, Mansour bin Madi, said that this agreement is part of the National Development Fund's strategy to support the goals and plans of the Real Estate Fund in the future to provide more financing and housing solutions in the real estate finance market to meet the needs and desires of the beneficiaries of \u201dSakani\u201d to own suitable housing within the subsidized mortgage loan program.
He pointed out that this agreement represents a strategic opportunity that reflects the Fund's commitment to providing monthly housing support to \u201csubsidized loan\u201d beneficiaries and enabling future generations to own housing.
It is noteworthy that the Real Estate Development Fund offers a loan of up to 500 thousand riyals subsidized by profits of up to 100%, through financing and housing solutions that suit the desires and financial capabilities of \u201cSakani\u201d beneficiaries, and provides a number of housing options, including Self-building, buying ready-made or under-construction housing units, through more than 18 accredited financing entities, and provided more than 31 billion riyals as monthly support to more than 560 thousand beneficiaries during the period from June 2017 until the end of the third quarter of the current year 2021.<\/p>","protected":false},"excerpt":{"rendered":"
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