Riyadh-Mubasher: The Saudi Arabian Monetary Agency (SAMA), the kingdom’s central bank, is set to give a nod to the accelerated loan programme which will be launched through coordination with the Real Estate Development Fund (REDF), local newspaper reported.
All local banks and real estate financing companies will offer the new product which will reduce the waiting time for more than 425,000 mortgage applicants, according to Al-Riyadh newspaper.
The REDF will repay the Murabaha loan, and then clients will repay it to the fund over five years.
The programme is one of the initiatives taken the REDF to help nationals buy or build houses, especially amid a decline in public spending on credit activities.
