Saudi REDF to cover three types of housing loans

Saudi Arabia’s subsidized housing loan program will cover three types of loan applications: building a unit, buying a built unit, or choosing a unit on the map, Saudi Press Agency (SPA) reported on Monday.

The program will serve the beneficiaries of housing subsidies, as well as applicants on the Real Estate Development Fund’s (REDF) waiting list, said Ayham bin Mohammed Al Yousef, REDF supervisor and advisor general, cited by the agency,

REDF launched its accelerated loan program in partnership with a number of Saudi lenders: Riyad Bank, Arab National Bank, Alinma Bank, Bank Albilad, Al Rajhi Bank, National Commercial Bank, Banque Saudi Fransi, Aljazira Bank, Amlak International For Real Estate Finance Co., Sahl Co., as well as Bidaya Home Finance.

The fund will finance 100 percent of the new home value for all applicants with monthly income of less than SAR 14,000.

The program will finance beneficiaries according to their monthly income and the number of family members.