Over 600,000 families benefit from subsidized housing loans from inception until 2021: REDF

Mansour bin Madi, CEO, Real Estate Development Fund

The total number of families benefiting from the subsidized loan program exceeded 600,000 across the Kingdom, the Saudi Press Agency (SPA) reported, citing Real Estate Development Fund (REDF) CEO Mansour bin Madi.

He indicated that the subsidized mortgage program witnessed the signing of more than SAR 354 million-worth contracts since the launching of the program in 2017 until 2021-end.

The ready housing unit product accounted for about 55% of the total financing contracts at 330,000, while the self-construction product came in at 28%, helping more than 170,000 beneficiaries.

Additionally, over 55,000 families benefited from the under-construction housing units program at 9%, whereas the land and mortgage product accounted for 9%, with nearly 44,000 beneficiaries.

The CEO also pointed out that the subsidized loan program contributed to increasing the rates of family ownership since its inception, confirming the continuity of the program and housing support to enable Saudi families to own housing.

The move is in line with the goals of the housing program – one of Vision 2030 programs – that aims to increase the ownership rate to 70% by the end of 2030, and provide sustainable housing and financing solutions by creating supportive laws and legislation.