Riyadh – Mubasher: Saudi Arabia’s Real Estate Development Fund (REDF) will launch the accelerated loan programme in partnership with Al Rajhi Bank in a few days.

The first phase of the programme will be allocated for the people who are still on the waiting list, Al Riyadh newspaper reported on Sunday.

It added that REDF is in talks with the financial institutions and banks to cut the mortgage finance charges through a direct support from the fund to develop government-supported financial products for the citizens.

Al Rajhi Bank will be the first to launch the program.

REDF managed to cut the murabaha rate to 1% on loans, the newspaper said earlier, adding that the cost of fifteen-year loan will reach SAR 75,000.