Saudi Housing Ministry’s “Sakani” program has announced an interest-free loan of SR140,000 to finance citizens working in government and military sectors, retired military personnel and private sector employees aged 50 years and above.
The new loan is set to be partnered with banks and financial institutions, unlike the previously announced loan.
The available options for registered beneficiaries in the Ministry of Housing and the Real Estate Development Fund lists include purchasing ready-made housing units, or housing units under construction within the ministry’s joint projects with the private sector.
Citizens who meet the requirements can register for the Real Estate Advisor service through “Sakani” online portal or place a call at the Customer Services Center at 199090 to benefit from the services offered by the ministry.
Banks such as the National Commercial Bank, Riyad Bank, Arab National Bank and Albilad Bank, as well as financing companies Deutsche Gulf, Amlak International and Dar Al Tamleek offer partnership services to the program.
The beneficiaries with a monthly income of SR14,000 or less will receive the “subsidized” SR500,000 real estate loan free of interest, while others will receive a 35 percent interest discount based on income and the number of family members, in addition to the interest-free loan.
The Sakani program targets citizens to own houses facilitating their access to appropriate housing and finance, in turn, increases overall ownership percentage in the kingdom. The program’s financing solutions also include supporting military personnel in the region.
The Sakani program comes in line with the Saudi Vision 2030, which aims to raise house ownership rate to 70 percent within the next decade, through shared support by 16 government agencies enabling citizens to own suitable housing.