The Real Estate Development Fund (REDF) has welcomed the Cabinet’s decision to extend the Facilitated Mortgage Program for an additional three years, highlighting it as a reaffirmation of the Saudi leadership’s dedication to supporting Saudi families in achieving their first home.
REDF spokesperson Saeed Al-Zahrani emphasized that the program plays a vital role in simplifying the homeownership journey for housing support beneficiaries. One of its key features is reducing the required down payment for a first home from 10% to 5%, significantly easing the financial burden on prospective homeowners.
Al-Zahrani also noted that the program increases the financing cap to cover up to 95% of a home’s total value—up to SAR800,000. This allows beneficiaries to choose between ready-built homes or units under construction, with flexible financing options tailored to their individual financial situations.
He further highlighted that the initiative supports the goals of the Housing Program, a cornerstone of Saudi Vision 2030. Since its inception, the program has already enabled more than 638,114 beneficiaries to take a major step toward owning their first home.
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