The Minister of Municipal Rural Affairs and Housing launches the latest financing solutions for the housing unit products under construction

His Excellency Minister of Municipal Rural Affairs and Housing, Mr. Majid bin Abdullah Al-Hogail, inaugurated today the latest financing solutions that meet the needs of beneficiaries to own under-construction residential units with the lowest profit margin on financing contracts. This took place on the sidelines of the Cityscape Global Exhibition.

The financing solution comes within the framework of the strategic partnership between the Real Estate Development Fund and financial institutions, offering a competitive lower profit margin to the beneficiaries of "Sakani" Program for owning under-construction residential units that align with their financial capabilities and actual housing needs. It also enhances the ongoing efforts to improve the ability of Saudi families to achieve the goals of the housing Program, one Vision 2030 Programs.

The Cityscape Global Exhibition witnessed the launch of the financing solution in the presence of His Excellency the Deputy Minister of Municipal Rural Affairs and Housing, Engineer Abdullah bin Mohammed Al-Budair, the CEO of the Real Estate Development Fund, Mansour bin Madi, the CEO of Saudi National Bank (SNB), Talal Al-Khereiji, the Deputy CEO of Alinma Bank, Saleh Alzumaie, and the General Manager of the Banking Group at alrajhi Bank, Majid bin Saleh Al-Rajhi.

The Real Estate Development Fund clarified that the financing solution launched today is one of the financing solutions in partnership with financial institutions, namely SNB, alrajhi Bank, and Alinma Bank. It aims to provide a lower profit margin for financing contracts to own under-construction residential units at the time of signing the financing contract. The Real Estate Development Fund affirmed its continuity in collaboration with financial institutions to provide financing and housing solutions that support Saudi families' homeownership and design more programs and enablers that achieve efficiency and effectiveness and enhance opportunities to own first homes.

The "Real Estate Development Fund" stated that beneficiaries of "Sakani" Program have the right to benefit from the financing solution and own an under-construction residential unit with a competitive lower financing profit margin, in addition to the advantages of the updated housing support program at the time of signing the financing contract. The Program provides immediate non-refundable support of up to SAR 150,000, along with other benefits such as in-kind support, Damanat Program solutions, facilitated mortgage, and the real estate transaction tax borne by the country for citizens' first homes not exceeding one million riyals of the value of the property purchase.