Banque Saudi Fransi (BSF) has signed an agreement with Saudi Real Estate Refinance Co. (SRC) to offer long-term, fixed-rate (LTFR) mortgages to Saudi nationals.
Under the agreement, SRC will acquire a part of BSF’s mortgage portfolio, which will increase the bank’s liquidity and allow it to offer more home loans.
SRC, a wholly owned subsidiary by the Public Investment Fund, launched the first tranche of LTFR mortgage loans for citizens through various financial institutions across the Kingdom in August, offering 15-to-20 year loans at fixed interest rates.
‘BSF will now be able to help more Saudis gain access to mortgage products that offer stability and security over the term of the loan,” noted Fabrice Susini, chief executive of SRC.
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