Al-Hogail launches lowest financing margin solution at 2.59%

Launch ceremony of lowest financing margin solution

Minister of Municipalities and Housing Majid Al-Hogail launched today, Oct. 28, a new financing solution that offers the lowest mortgage financing margin of up to 2.59% for beneficiaries of self-building and under-construction residential units under the Sakani program.

According to the Saudi Press Agency, the initiative is aimed at helping Sakani beneficiaries own their homes at the lowest financing margin for a limited period, in partnership with Al Rajhi Bank.

Mansour bin Madi, CEO of Real Estate Development Fund (REDF), said, "The initiative comes for the second time in a row in response to the requests of Sakani beneficiaries to find supportive financing solutions to enhance their homeownership opportunities.”

The initiative confirms the continuous efforts to support and improve the ability of Sakani beneficiaries to own affordable housing with various financing solutions. It aims to reduce the related financing burdens and address the financial hurdles facing Saudi families when owning housing on par with their financial capabilities and actual needs, he added.

REDF launched the initiative for the first time in September 2023. It enabled 18,500 beneficiaries to own their affordable housing until the end of Q1 2024.