(MENAFN) Saudi Arabian housing ministry was declared to have marked an objective for mortgage market to arrive at an USD134 billion growth by the year 2020.
The Kingdom has commenced a programme of measures that aims to stimulate mortgage lending, such as providing banks with a chance to offer an increased financing amount for home purchases.
It also includes the limit of loan-to-value rate for mortgages requested by people who would purchase for the first time to be increased from 85 to 90 percent.
Housing minister Majed al-Hogail announced during a housing conference "we are working to facilitate access to finance so that Saudi citizens' chances to obtain fivefold what was in the past."
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