Saudi women will be able to get property loans from the Real Estate Development Fund (REDF), following a decision from its board of directors.
The Real Estate Development Fund (REDF) is now offering Saudi women mortgages or property loans without requiring an original beneficiary, the Saudi Press Agency has reported.
REDF’s new regulations will allow Saudi women to borrow, even if they are not married or the sole provider in their homes.
The move aims to support women looking to own their homes. It is also part of the Kingdom’s wider housing initiative, which looks to increase Saudi home ownership to 60% by 2020, and 70% by 2030.
During REDF’s first board meeting for 2019, chaired by housing minister Majid Al-Hogail, the fund also approved transferring mortgages from one property to another and transferring mortgage applications between eligible beneficiaries.
From the beginning of 2018 until January 2019, REDF has provided property loans to about 62,840 beneficiaries.