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FinancialNews
15-03-18
Saudi Arabia targets USD134bn mortgage market growth
(MENAFN) Saudi Arabian housing ministry was declared to have marked an objective for mortgage market to arrive at an USD134 billion growth by the year 2020.
The Kingdom has commenced a programme of measures that aims to stimulate mortgage lending, such as providing banks with a chance to offer an increased financing amount for home purchases.
It also includes the limit of loan-to-value rate for mortgages requested by people who would purchase for the first time to be increased from 85 to 90 percent.
Housing minister Majed al-Hogail announced during a housing conference "we are working to facilitate access to finance so that Saudi citizens' chances to obtain fivefold what was in the past."
MENAFN1503201800450000ID1096596327
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