‘Easy Mortgage’ program helps citizens own house

RIYADH — The Saudi Arabian Monetary Agency (SAMA) announced on Sunday the “Easy Mortgage” program to help citizens own a house of their own. Under the program, the beneficiary needs to make an advance payment of 15 percent of the value of the residential property while banks will pay the rest of 85 percent of the total value. SAMA, the central bank, will implement the new program in coordination with local banks as well as the ministries of finance and housing. Fahd Bin Abdullah Al-Mubarak, governor of SAMA, said studies have been completed covering various aspects of the requirements for the program. Under the program, those commercial banks, which are willing to take part in real estate financing, have to finance 70 percent of the total value which will be against the mortgaging of the house under the Saudi Mortgage Law. The banks will also give an additional 15 percent against a guarantee from the Ministry of Finance so as to enable the beneficiary to own his house. Al-Mubarak lauded the support of the Ministry of Finance to implement the new program and thus enabling citizens to own their own houses.