Saudi- ANB and REDF ink additional loan agreement

(MENAFN- Arab News) With the support of minister of housing and chairman of the real estate development fund (redf) shuwaish al-dhuwaihy arab national bank (anb) and the redf executed an additional loan scheme agreement conforming to the new mortgage law.

the new deal enables borrowers from redf to seek and obtain additional funding from the bank. the ceremony was attended by saudi arabian monetary agency (sama) gov. fahad al-mubarak.

anb board chairman salah rashed al-rashed underscored the importance of this initiative in providing multiple solutions for citizens and increasing their chances of owning a home.

al-rashed reiterated anb's keenness to support this scheme as well as all other developmental schemes serving all segments of the saudi community.

al-rasehd also commended the role of redf praising its invaluable varied contributions to the solution of the housing crisis and development of this vital sector.

the additional loan scheme is a product which provides joint funding from redf banks and finance companies whereby the amount of redf loan is topped up with a loan from another financing source to enable a citizen to buy a home priced above redf's loan amount or purchase a plot with the bank loan to build a house on it using redf loan proceeds.