Retail mortgage loans don’t exceed 20% of banks credit portfolio, level reasonable: SAMA Governor

25/11/2021 Argaam

Fahad Almubarak, Governor of SAMA

Saudi Central Bank’s (SAMA) Governor Fahad Almubarak said that retail mortgage loans from banks do not constitute more than 20% of the credit portfolio.

 

Speaking at the Financial Stability Seminar today, Nov. 25, Almubarak said these levels are reasonable, and mortgage loans, in general, do not constitute more than 25% of the credit portfolio.

 

Additionally, SAMA Governor noted that individuals who opt to buy homes help achieve more than one goal – they become homeowners, which is a target under Vision 2030; homeownership grants citizens an asset instead of paying rent; and it helps move the construction, real estate and land sectors, further driving the economy.

 

The Governor also pointed out that there is growth in mortgage loans, which were lowers in the past. SAMA is monitoring the growth of mortgage loans so as not to affect financial stability in the Kingdom, he noted.

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