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Financing Solutions

An overview of the updated housing subsidy program

It is one of the solutions provided to facilitate home ownership for the beneficiary by providing monthly financial support according to the support matrix for approved products.

 

The Masakin (Murabaha) home finance program is provided by the General Organization for Social Insurance and in cooperation with Dar Al Tamleek Company to service the program where all beneficiaries are able to add thier housing support to the loan.

The Masakin program is available to all eligible beneficiaries of the Real Estate Development Fund or the Ministry of Housing for both government and private sector employees and all retirees.

The program was designed specifically to increase the percentage of citizens owning their homes. Within the framework of this program, the Real Estate Development Fund and the Ministry of Housing provide the beneficiaries with a monthly support amount to cover the financing costs incurred by the beneficiary according to the approved product matrix.

The service of reducing the down payment also provides an exclusive benefit to the beneficiaries of the Real Estate Development Fund by reducing the down payment by 5% of the value of the property instead of 10% as determined by the Central Bank of Saudi Arabia for the first home. The maximum property value allowed for this program is 800,000 riyals.

How the real estate program works:

The program support is given to the beneficiary after obtaining home finance from Dar Al Tamleek Company.
The fund provides a monthly support amount that covers financing profits at a rate ranging from 35% as a minimum to 100% as a maximum, according to the support matrix, and the amount is transferred to the beneficiary’s account directly after paying the monthly installment due from the financing entity.
 

Mortgage program options:

Buying a ready housing unit
To apply for eligibility from subsidized housing finance through the sakani platform

To find out the support tolerance ratio, we hope to visit the support calculator

 

Conditions for down payment reduction:

to be the first dwelling.
The unit price should be 800 thousand or less.
Co-applicant
The possibility of solidarity of husband and wife provided they are employed in the government sectors and all pensioners from the Public Pension Agency and General Organization for Social Insurance

FAQ

  • REDF Home Lending Program was specifically designed to encourage more home ownership among Saudi Citizens. Under the program, REDF beneficiaries receive a monthly payment made to the beneficiary to cover profit amounts on up to SAR 500,000 in financed amount.
  • Under the program, REDF beneficiaries, provide a down payment of 5% instead of the SAMA mandated 10% requirement for standard real estate financing. The REDF provides a guarantee equal to 5% of the property value. The maximum property value permitted under this program is SR 800,000.
  • The REDF Home Lending Program has collaborated with the General Organization for Social Insurance’s Masakin program, administered by Dar Al Tamleek, to provide the most exceptional home government loan program for approved beneficiaries employed in the government employees, private sector employees, and all retirees.
  • The value of the property in question is determined by an appraisal which is a prime factor in determining the value. Dar Al Tamleek will arrange for an appraisal of the client’s property to verify its value through an authorized professional who estimates the value of the property and sends the information to Dar Al Tamleek for evaluation.
  • Saudi nationals must be at least 20 years of age but no more than 68 at the time of application. They must have good credit, earn a minimum of SR 4,000 per month and work in a government sector position for at least one year.
  • Yes, As long as they are employed in the government sector or pensioners
  • Masakin is a program that features a fixed profit rate Murabaha for financing homes up to 30 years. The product also features up to half-year “grace period” where no payments will be made and offers one of the most competitive profit rates in the Kingdom.
  • Yes, the grace period is optional for Masakin customers.
  • Profit rates will vary based on the number of years of financing.
  • The profit rate for the graced period and the remaining contract balance will have to be paid in full.
  • The program is available throughout the Kingdom at any Public Pension Agency office or through Dar Al Tamleek branches. Call 920011433 for the closest branch near you.
  • A minimum of SAR 150,000 and maximum of SAR 5,000,000 is allowed.
  • An independent appraisal company will determine the value of the property.
  • Completed villas, duplexes, townhomes and apartments qualify for the program. However the property cannot be more than 20 years of age when financed. Property eligibility requirements are subject to change.
  • Yes, apartment buildings are eligible. However the total size cannot exceed 10 apartments and the buyer must live in one of the apartments.
  • Yes, second homes qualify for the program.
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REDF & MOH Beneficiaries

The REDF Subsidized Lending Program has collaborated with the General Organization for Social Insurance’s Masakin program for all government, private sectors, and all retirees. the program is administered by Dar Al Tamleek.