Thursday, 19 September 2019 04:56 GMT
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Saudi central bank: loan-to-value rate boost to 90 percent for first time buyers




(MENAFN) In an attempt to encourage mortgage lending, the central bank of Saudi Arabia boosted the loan-to-value rate limit for mortgages from 85% to 90% for first-time homebuyers.

Posting on its website, the Saudi Arabian Monetary Authority (SAMA) stated "Raising the maximum limit of the percentage of financing of the value of the first house for citizens will contribute to supporting the growth of the real estate financing sector."

Saudi Arabia's central bank declared the move as part of broader economic reform plans, aspiring for the Kingdom to realize its national housing design. However, it also noted the decision isn't supposed to have an impact on the financial sector stability.

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Saudi central bank: loan-to-value rate boost to 90 percent for first time buyers

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