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Three decades for higher cost mortgage plans
The Real Estate Development Fund launched the "Tamkeen" program in October 2024 to extend the mortgage repayment period to 30 years, aiming to ease loan repayment for beneficiaries of the "Sakani" program. Simulation reports indicate that extending the term from 20 to 30 years reduces the monthly installment from approximately 6,879 SAR to 5,678 SAR. However, it increases the total amount paid from about 1.65 million SAR to approximately 2.04 million SAR, a difference of over 393,000 SAR. The program seeks to offer flexible financing options tailored to beneficiaries' abilities, considering variables such as the loan amount, interest rate, and contract terms. "Tamkeen" also provides a variety of housing support options, including purchasing ready units, self-construction, or units under construction, with eligibility and financial circumstances guiding the choice, all while focusing on balancing monthly commitments with the overall cost of financing.
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