Riyadh-Mubasher: Saudi Arabia’s Real Estate Development Fund (REDF) is working on reducing the waiting list of mortgage applicants, Al Riyadh newspaper quoted sources.
The fund is expected to launch the accelerated loan programme by the beginning of Ramadan.
REDF managed to cut the murabaha rate to 1% on loans, the newspaper said, adding that the cost of fifteen-year loan's cost will reach SAR 75,000.
Sources told the newspaper that they signed contracts worth SAR 800 billion with more than 17,000 mortgage applicants since the beginning of this Hijri year.
