REDF says subsidized mortgage loan delinquencies ‘no more than 0.23%’

07/08/2022 Argaam

Logo of The Real Estate Development Fund (REDF) 

The Real Estate Development Fund (REDF) said that beneficiaries of the subsidized mortgage program are regularly paying the loan installments to banks and financing institutions.

 

The fund indicated that the delinquency rate of the subsidized loan program, launched in June 2017, was not more than 0.23% until Q1 2022.

 

In a statement to the Saudi Press Agency (SPA), the fund highlighted the Saudi Central Bank’s (SAMA) role in the enhancement of the regulatory as well as the legislative environment, the housing subsidy regulations in addition to the opportunities provided by Sakani program that helped reduce the delinquency rates.

 

The fund further pointed out that more than 660,000 beneficiaries managed to own homes until H1 2022.

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