Home finance Program
The home finance program is a profit-backed housing finance program by the Real Estate Development Fund for an amount up to 500,000 Saudi riyals, and it is compatible with the provisions of Islamic Sharia. This program is provided to the beneficiaries of the Real Estate Development Fund and the Ministry of Housing.
The mechanism of home finance program
- The program subsidy is given to the beneficiary after obtaining real estate financing from participating banks and financing companies.
- The Fund provides a monthly subsidy amount that covers financing profits at a rate ranging between 35% as a minimum and 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 authority.
Choices of home finance program available at BSF:
- Purchasing ready-unit
- Financing self-construction house
- Purchasing residential unit under construction
- Land and loan financing
- A mortgage
To apply for backed residential financing through SAKANI platform
To find out about the subsidy tolerance percentage, please visit the subsidy calculator
Purchasing a Ready-Unit Product
It is a financing to purchase a ready-unit from the market, whether it is (a villa, apartment, residential building) or one of the Ministry of Housing's ready-units, subsidized by profits for an amount up to 500,000 Saudi riyals. It is compatible with the provisions of Islamic Sharia and presented to the beneficiaries of the Real Estate Development Fund and the Ministry of Housing.Product’s Features:
- Subsidy is an integral part of the beneficiary wage
- It is subject to real estate development fund’s collaterals
- The possibility to reduce the down payment from 10% to 5% as per the conditions of reducing the down payment service*
- Possibility of changing the installment (increasing or decreasing)
To view the Ministry of Housing Projects, please click here
Conditions of reducing the down payment:
- It must be the first resident
- The unit’s price must be 800,000 or less
Self-Construction Product
It is a self-financing construction for those who have a land and want to build their house according to their desire, through real estate financing as profit-backed payments up to 500,000 Saudi riyals. It is compatible with the provisions of Islamic Sharia and provided to the beneficiaries of the Real Estate Development Fund and the Ministry of Housing.Product’s features:
- Subsidy is an integral part of the beneficiary wage
- It is subject to real estate development fund’s collaterals
- Receiving the financing amount in installments according to the stages of completion.
- Possibility of changing the installment (increasing or decreasing)
Off-plan product
It is financing for purchasing an under-construction property or what is called (off-plan), whether it is (villa, apartment, townhouse) through a project of the Ministry of Housing. It is a backed profits product for an amount up to 500,000 Saudi riyals compatible with the provisions of Islamic Sharia and presented to the beneficiaries of the Real Estate Development Fund and the Ministry of Housing.Product’s Features:
- Subsidy is an integral part of the beneficiary wage
- It is subject to real estate development fund’s collaterals
- The possibility to install the down payment
- The possibility to reduce the down payment from 10% to 5% as per the conditions of reducing the down payment service*
- Possibility of changing the installment (increasing or decreasing)
To check the off-plan projects, please click here
Land and Loan Product
The customer is granted self-construction financing on a land owned by the Ministry of Housing and has been allocated to the customer. The customer can build his home under his supervision by obtaining cash payments that are disbursed according to construction stages and the financing is backed by profits for an amount up to 500,000 Saudi riyals. It is compatible with the provisions of Islamic Sharia and provided to beneficiaries of the Real Estate Development Fund and the Ministry of Housing.Product’s Features:
- Subsidy is an integral part of the beneficiary wage
- It is subject to real estate development fund’s collaterals
- Receiving the financing amount in installments according to the stages of completion.
To view free lands, please click here
Mortgage
Real estate financing on a condition of mortgaging the property for the beneficiaries who own a residential property by mortgaging the property and obtaining the amount in one payment.Product’s Features:
- Subsidy is an integral part of the beneficiary wage
- Possibility of changing the installment (increasing or decreasing)
