Saudi Cabinet extends Facilitated Mortgage Program by 3 years

Saudi Arabia’s Cabinet, chaired by King Salman bin Abdulaziz, approved extending the Facilitated Mortgage Program for three more years, Saudi Press Agency (SPA) reported.

Majed Al-Hogail, Minister of Municipal and Rural Affairs and Housing, said on X that the Facilitated Mortgage Program reduced the upfront payment burden for housing support beneficiaries, enabled first-home ownership, and helped over 114,640 Saudi families achieve housing stability under the Housing Program’s goals.

The Cabinet approved the program in 2016, tasking the Ministry of Housing with coordinating implementation alongside the Ministry of Finance and the Saudi Central Bank (formerly SAMA). The program was later extended in 2018 and 2021.

Under the program, beneficiaries pay a 15% down payment, while commercial banks cover 70% through a mortgage and provide an additional 15% backed by a Finance Ministry guarantee, bringing total financing to 85%.