Saudi housing ministry ink deal with banks to help finance low-income nationals

22/12/2016 Argaam

Saudi Arabia’s housing ministry is close to signing a deal with banks on mandatory financing for the low-income nationals, Al-Hayat newspaper reported on Thursday, citing Abdulrahman Al-Thukair, advisor to the housing minister.

 

The ministry will offer two new products, under which a home mortgage guarantee will be provided to allow more nationals to benefit from the finance options, as banks do not finance citizens with monthly salaries of less than SAR 5,000.

 

Meanwhile, nationals can benefit from mortgage loans, but the kingdom will guarantee the expected proceeds, Al-Thukair added.

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