REDF extends loan repayment for Sakani beneficiaries to 30 years

The Real Estate Development Fund (REDF) launched the "Tamkeen" program, which aims to give Sakani program beneficiaries the option of extending the repayment period for real estate financing to 30 years.

The program is part of ongoing efforts in collaboration with the Saudi Real Estate Refinance Co. (SRC) to enhance the purchasing power of beneficiaries and offer innovative financing solutions and benefits that meet their needs, all in line with the goals of the housing program, the REDF said in a statement.

REDF CEO Mansour bin Madi said that the program offers a competitive advantage by enhancing ownership opportunities, improving the financing capacity of beneficiaries, and reducing the cost of monthly installments to ease the homeownership process.

Before the launch of the Tamkeen program, subsidized mortgage contracts were available for up to 25 years at the beneficiary’s choice. However, financial support was limited to 20 years, with beneficiaries responsible for any additional profits if the repayment period extended beyond 20 years, up to a maximum of 25 years.