Over 86,000 Saudi families benefit from Sakani subsidized loans

The program offers two types of subsidized loans, one for ready-made housing units and the other meant for under-construction buildings

  
Image used for illustrative purpose. Buildings are seen from the top of Mount Al-Noor in the holy city of Mecca, Saudi Arabia January 16, 2016.

Image used for illustrative purpose. Buildings are seen from the top of Mount Al-Noor in the holy city of Mecca, Saudi Arabia January 16, 2016.

REUTERS/Amr Abdallah Dalsh
RIYADH: More than 86,000 Saudi families benefited from the Housing Ministry’s Sakani program subsidized real estate loans since the beginning of the year till September, the Saudi Press Agency reported on Sunday.

The program offers two types of subsidized loans, one for ready-made housing units and the other meant for under-construction buildings.

Of the total, 69,497 families benefited from the loan offered for ready-made housing units.

The Ministry of Housing and the Real Estate Development Fund formed Sakani in 2017 to facilitate homeownership in the Kingdom through the creation of new housing stock, allocating plots and homes to nationals, and financing their purchase. It has a goal of reaching 70 percent homeownership by 2030.

The program also launched new e-services to serve people effectively.

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