RIYADH: A ‘soft mortgage’ scheme which offers cheaper loans to Saudi house buyers will be extended by three years, the Kingdom’s cabinet has agreed.
The Soft Mortgage Program reduces the first payment on a housing loan from 15 to 10 percent, in a bid to increase the number of Saudis owning their own homes.
This is the second time the scheme has been extended, after a two-year extension of the program was approved in 2018.
