(MENAFN) Saudi citizens listed on the Kingdom's housing waiting list will be able to nominate a relative as a guarantee for mortgages, as Saudi Arabia's Real Estate Development Fund approved the launch of a mortgage guarantee program.
The recipients will benefit from the program's fund helping them find real estate financing by nominating a relative as a guarantor for banks.
The transfer of outstanding loan applications is approved by the fund's board of directors under the guarantee of a first degree relative who matches lending conditions.
Once the procedures are through, the system will come online and help civil, military, and private sector employees benefit from the system, according to Saudi Press Agency.
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