REDF, SNB sign framework agreement to finance housing support programs

Logo of The Real Estate Development Fund (REDF)

The Real Estate Development Fund (REDF) signed a framework agreement today, July 30, with Saudi National Bank (SNB) to finance housing support packages as part of the updated housing support program. 

This comes within a series of agreements concluded with financing agencies to diversify housing support options for Sakani beneficiaries, which provide various solutions and benefits. Furthermore, the down payment support package allows beneficiaries to obtain immediate, non-refundable support of up to SAR 150,000 on the off-plan products, and ready-made housing units, Saudi Press Agency reported. 

REDF CEO Mansour bin Madi said that the agreement builds on the strategic partnership with the authorized financing agencies to enable beneficiaries of Sakani program to secure financing solutions and benefits.  

He added that beneficiaries are provided with supportive and enabling programs for ownership, such as in-kind support for housing under-construction units and the soft mortgage program. The state pays a real estate transactions tax on behalf of the citizen for the first home of no more than SAR 1 billion maximum of the purchase value, in addition to the real estate financing guarantees program.