Latest news with #FacilitatedMortgageProgram
Leaders
16-07-2025
- Business
- Leaders
REDF Supports Extension of Homebuyer Program
The Real Estate Development Fund (REDF) has welcomed the Cabinet's decision to extend the Facilitated Mortgage Program for an additional three years, highlighting it as a reaffirmation of the Saudi leadership's dedication to supporting Saudi families in achieving their first home. REDF spokesperson Saeed Al-Zahrani emphasized that the program plays a vital role in simplifying the homeownership journey for housing support beneficiaries. One of its key features is reducing the required down payment for a first home from 10% to 5%, significantly easing the financial burden on prospective homeowners. Al-Zahrani also noted that the program increases the financing cap to cover up to 95% of a home's total value—up to SAR800,000. This allows beneficiaries to choose between ready-built homes or units under construction, with flexible financing options tailored to their individual financial situations. He further highlighted that the initiative supports the goals of the Housing Program, a cornerstone of Saudi Vision 2030. Since its inception, the program has already enabled more than 638,114 beneficiaries to take a major step toward owning their first home. Related Topics: ROSHN Green Initiative Center: Inspiring Future Environmental Leaders Saudi Arabia Welcomes Foreign Real Estate Investors Outside Holy Cities All You Need to Know about Hajj Rituals: A Step-by-Step Guide Discover Top Hotels Near Masjid Al-Haram for Hajj 2025 Short link : Post Views: 47 Related Stories
Arabian Business
16-07-2025
- Business
- Arabian Business
Saudi Arabia announces support for first-time homebuyers
Saudi Arabia is offering support for real estate financing and down payments on homes for first-time buyers. The Kingdom has extended its Facilitated Mortgage Program for an additional three years, in a major move to further support first-time homebuyers and promote housing accessibility. The Real Estate Development Fund (REDF) praised the Cabinet's decision, describing it as a key step in empowering Saudi families and easing their path to homeownership. The program is now set to run until 2028. Saudi mortgage support REDF spokesperson Saeed Al Zahrani stated that the program is a financing solution designed to simplify the homeownership process by easing the burden of the down payment for housing support beneficiaries. It achieves this by reducing the down payment percentage for a first home from 10 percent to 5 percent. Additionally, the program enables financing of up to 95 per cent of the property's total value, provided it does not exceed SR800,000 ($213,300). This applies to both under-construction and ready-made housing units, with flexible financing solutions tailored to individual financial circumstances. Al Zahrani noted that the initiative directly supports the Housing Program, a key pillar of Saudi Vision 2030. The extension reinforces the government's long-term commitment to improving housing affordability, expanding private sector participation, and increasing homeownership rates in line with national targets.
