Advance Subsidy program
The subsidy program is one of the initiatives offered by the Ministry of Municipalities and Housing and the Real Estate Development Fund (REDF) it is designed to support clients by providing non-refundable financial subsidy of (SAR 100,000 or SAR 150,000).
Program features:
- Non-refundable subsidy up to SAR 150,000 depending on beneficiary’s net income.
- Competitive Profit Margin.
- Cover the down-payment (fully or partially).
- Applies for Ready Units and Off-Plan products.
- 90% of first property value can be financed.
- Financing period can be obtained for up to 25 years.
- Step down payments on retirement- the customer will have a reduced installment after retirement in accordance with the pension.
Terms and Conditions:
- The client should be qualified for the REDF program, registered in the real estate advisor, and choose the down payment support package.
- The client must be eligible to receive the financing amount according to the policies, terms, and conditions at BSF.
- If the advanced payment is above 100/150 thousand riyals, the customer will pay the remaining amount.
- Administrative fee 1% of the value of the financing or§5000, whichever is lower, excluding VAT.
- The client is eligible for one subsidy program only.
- Subsidy coverage 100/150 thousand as advance payment only.
- Applies for Ready Units and Off-Plan products.
- The minimum net salary is SAR 4,000.
