The Masakin Program is sponsored by Public Pension Agency offers a fixed rate (Murabaha) home financing program to the government employees and pensioners from both the Public Pension Agency and General Organization for Social Insurance. It was specifically designed to encourage more home ownership among all employees and retirees in Saudi Arabia.
Ijarah is a lease contract with a profit rate that can change. Murabaha is a purchase contract with a fixed profit rate that won’t change over the life of the contract.
The REDF Home Lending Program has collaborated with the Public Pension Agency’s Masakin program, administered by Dar Al Tamleek, to provide the most exceptional home government loan program for approved beneficiaries employed in the government sectors and all pensioners.
The value of the property in question is determined by an appraisal which is a prime factor in determining the value. Dar Al Tamleek will arrange for an appraisal of the client’s property to verify its value through an authorized professional who estimates the value of the property and sends the information to Dar Al Tamleek for evaluation.
Saudi nationals must be at least 20 years of age but no more than 68 at the time of application. They must have good credit, earn a minimum of SR 4,000 per month and work in a government sector position for at least one year.
Yes, As long as they are employed in the government sector or pensioners
Masakin is a program that features a fixed profit rate Murabaha for financing homes up to 30 years. The product also features up to half-year “grace period” where no payments will be made and offers one of the most competitive profit rates in the Kingdom.
Yes, the grace period is optional for Masakin customers.
Profit rates will vary based on the number of years of financing.
The profit rate for the graced period and the remaining contract balance will have to be paid in full.
The program is available throughout the Kingdom at any Public Pension Agency office or through Dar Al Tamleek branches. Call 920011433 for the closest branch near you.
A minimum of SAR 150,000 and maximum of SAR 5,000,000 is allowed.
An independent appraisal company will determine the value of the property.
Completed villas, duplexes, townhomes and apartments qualify for the program. However the property cannot be more than 20 years of age when financed. Property eligibility requirements are subject to change.
Yes, apartment buildings are eligible. However the total size cannot exceed 10 apartments and the buyer must live in one of the apartments.
Yes, second homes qualify for the program.
Below is a quick overview of what the approval process is like: