REDF launches under-construction housing initiative with competitive margin

Logo of Saudi Arabia's Real Estate Development Fund (REDF)

Saudi Arabia's Real Estate Development Fund (REDF) has rolled out the "Home of a Lifetime" initiative, in cooperation with the National Housing Company (NHC) and Saudi National Bank (SNB).

The initiative emphasized the importance of owning the first home through financing solutions and a secure project under construction, with a subscription margin provided by SNB.

REDF explained that the goal of the partnership is to create strategic alliances and offer housing and financing solutions that consider the requirements of different beneficiary segments.

These solutions include down payment support, which is an immediate, non-refundable support of up to SAR 150,000, and the financing solution “installments equal to the value of the support,” in addition to in-kind support and a wide range of solutions that facilitate the purchase process and provide beneficiaries with diverse options that suit their needs and desires, according to the Saudi Press Agency (SPA).

The partnership lets beneficiaries who are buying under-construction units pay flexible and affordable monthly installments starting at SAR 1,499 by following easy steps like signing up on the Sakani platform, checking if they qualify, choosing the right home, and signing the ownership contract.

The fund indicated that the offer includes a competitive profit margin of up to 2.99% for a limited period, which contributes to facilitating the purchase process and creating a sustainable financing environment that supports the stability of the real estate market.