FAQ

What is the REDF Subsidized Lending Program?

REDF Subsidized Lending Program is sponsored by Public Pension Agency as an exclusive benefit to REDF beneficiaries who are working for the government and private. It was specifically designed to encourage more home ownership among government or private employees and all pensioners from the Public Pension Agency and General Organization for Social Insurance.

Under the program, REDF subsidizes beneficiaries with a monthly payment made to the beneficiary to cover profit amounts on up to SR 500,000 in fiananced amount.

What is the REDF Down Payment Guarantee Program?

REDF Down Payment Guarantee Lending Program is sponsored by Public Pension Agency as an exclusive benefit to REDF beneficiaries who are working for the government and private. It was specifically designed to encourage more home ownership among government, private employees and all pensioners from the Public Pension Agency and General Organization for Social Insurance. REDF beneficiaries who are eligible for the Subsidized Lending Program may also be eligible to participate in the Down Payment Guarantee Program.

Under the program, REDF beneficiaries, provide a down payment of 5% instead of the SAMA mandated 10% requirement for standard real estate financing. The REDF provides a guarantee equal to 5% of the property value. The maximum property value permitted under this program is SR 800,000.

How do I qualify?

Saudi nationals must be at least 20 years of age but no more than 65 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. The program is not available to expatriates.

Can my spouse participate?

Yes, as long as they are employed in the government or private sector.

What is the structure of the product?

REDF Subsidized Lending Program that features a very low, fixed profit rate for financing homes up to 30 years. The product also features a half-year “grace period” where no payments will be made and has the lowest profit rate in the Kingdom. Under the program, REDF subsidizes beneficiaries with a monthly payment made to the beneficiary to cover profit amounts on up to SR 500,000 in fiananced amount.

Is the grace period optional?

Yes, the grace period is optional for Masakin customers.

What are the profit rates?

Profit rates will vary based on the number of years of financing. REDF subsidizes profit amounts on up to SR 500,000 in financed amount.

What if I pay off early?

The profit rate for the graced period and the remaining contract balance will have to be paid in full.

 which cities is the program available?

The program is available throughout the Kingdom at any Public Pension Agency office or through Dar Al Tamleek branches in Riyadh, Jeddah, Dammam, Makkah, Madinah, Taif, Tabuk, Abha, Burayda, Al Majma, Al Ahsaa, and Jazan.

How much can I finance on the program?

A minimum of SR150,000 and maximum of SR5 million is allowed.

How is the finance amount of the property determined?

An independent appraisal company will determine the value of the property.

What’s the difference between Ijarah and Murabaha?

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.

What kind of property is eligible for finance?

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.

Can I buy an apartment building?

Yes, apartment buildings are eligible. However the total size cannot exceed 6 apartments and the buyer must live in one of the apartments.

How can I apply for the program ?

Please refer to the "Get Financed" section for a complete list of qualifications and instructions or simply call us at 92 00 11433.

Is there a joint finance option for the Subsidized Lending Program and Al-Moyassar?

Currently, this is not available.

How does the program work?

Benefitting from the program is easy. Beneficiaries submit an application to be considered for financing who are then served by one of our home finance specialists who handle the entire relationship with the customer for the entire transaction. Once a property is chosen and finance is extended, beneficiaries start making their monthly payments. Upon payment, REDF transfers a monthly subsidy payment to the customer to cover part or all of the profits due paid by the beneficiary. The monthly subsidy amount is made directly to the customer's bank account from REDF.

Is the maximum amount that can be financed SR 500,000?

No, the customer can get a higher financing amount. REDF covers the profits on up to SR 500,000 in financed amount. Should a beneficiary desire a higher amount, he or she would cover the profits on the additional financed amount.

What is the maximum amount of income required for 100% coverage?

For all approved citizens with salaries up to SAR 14,000, the subsidization coverage will reach 100% of the financing amount up to a maximum SAR 500,000, regardless of the number of family members.

Can a customer with existing Home Finance who is an REDF beneficiary benefit from the subsidy on the existing finance?

Yes, this is avalibale.

Can pensioners be financed?

Yes, subject to the insurance coverage conditions.

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The wonderful Masakin program from Dar Al-Tamleek made things easy for me. As a prior government employee in military sector, I’ve got the proper funding with the most reasonable period of time to pay it back.
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