(MENAFN) Saudi Arabia was revealed to be designing a 120billion riyals spending on private mortgage market for borrowers.
Housing Minister Majed Alhogail declared the new housing program to also aspire by 2030 to support home down-payments in spending 12.5 billion riyals, as well as improving funding access in spending 18 billion riyals loan-guarantee program.
Saudi Arabia is aiming by 2020 for the mortgage market to grow over 70% and settle at 502 billion riyals, keeping in mind that home loans of 65% are offered at present.
The minister confirmed "we want to change that completely, it's a very generous program. It's enabling the private sector, reducing their risk to a certain level."
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