Real Estate Development Fund Collaborates with Banks to Expand Home Financing Solutions for Saudi Citizens
Date
5/23/2023 2:54:02 AM
(MENAFN) Agreements signed between the Real estate Development Fund (REDF) of Saudi Arabia and bank Albilad and Saudi Awwal Bank are set to expand access to easy financing solutions for Saudi citizens, facilitating their journey towards homeownership. These partnerships are specifically aimed at supporting beneficiaries of the Kingdom's housing program, Sakani, which is designed to enable Saudi families to own their first homes.
Sakani plays a crucial role in increasing the proportion of housing ownership for Saudi families to 70 percent by the year 2030. With the signing of these new agreements, the housing program takes a significant step closer to achieving its ambitious goal. The collaborations with Bank Albilad and Saudi Awwal Bank are intended to diversify the options available for Sakani beneficiaries in terms of housing support. One such option includes the provision of up to SR150,000 (USD39,999) for specific housing choices, such as ready-made units.
Mansour bin Madi, the CEO of REDF, emphasized that these agreements are part of a broader strategy of forming strategic partnerships with banks and real estate financing institutions. By forging such alliances, the aim is to enhance and expand the scope of housing support for Saudi citizens.
In April, Saudi families received further assistance in their pursuit of homeownership when an amount of SR933 million was deposited into their Sakani accounts. This deposit was made possible through the joint efforts of REDF, the Ministry of Municipal and Rural Affairs and Housing, and was allocated to support various housing support contracts, as outlined by Bin Madi.
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