RIYADH: Saudi Arabia has decreased the maximum period of subsidized housing finance from 25 years to 20 years for new applications, 2021, the Ministry of Municipal and Rural Affairs and Housing provided in a circular on Tuesday. The change took effect on April 12.
The ministry said that this decision was “in line with the strategy of the housing program for the second phase, to serve the largest number of target groups,” the Al-Watan newspaper reported.
The subsidized home loan program was first executed in June 2017.
It provides a real estate loan with about 100 percent, for those whose income is SR14,000 or less, with a for sure (on the amount of the profit margin) of about SR500,000 of the financing amount.
This program targets Saudi citizens who are there present on the housing support lists on the Real Estate Development Fund, and who meet the Ministry of Housing conditions.