Saudi Real Estate Development Fund Launches Alternative Financing
The new initiative aims to expand first-home ownership by increasing banks' housing finance capacity.
The Real Estate Development Fund has launched the 'Alternative Financing' programme to expand access to housing finance in Saudi Arabia by increasing banks' lending capacity and supporting more first-time homebuyers.
Under the programme, eligible Saudi citizens can purchase homes in selected National Housing Company developments in Riyadh, Jeddah and Dammam, with monthly instalments starting from SAR 699. The initiative also offers instant financing approval, from application through to final approval.
The programme is being rolled out in partnership with participating banks, with the first phase implemented through a collaboration between the Real Estate Development Fund, Saudi National Bank and the National Housing Company. Under this arrangement, the fund supports Saudi National Bank in issuing residential mortgages, while the National Housing Company provides selected housing units for eligible first-home buyers.
According to the fund, the programme is designed to strengthen the Kingdom's housing finance ecosystem by increasing liquidity, expanding lending capacity and enabling higher levels of mortgage issuance as additional banking partners join the initiative.
The fund said the financing model supports Saudi Arabia's broader housing strategy and aligns with Saudi Vision 2030, which targets a 70% homeownership rate across the Kingdom.
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