The Saudi Arabian Monetary Authority's (SAMA) decision to reduce housing loan applicants' down payment amounts by 10 percent has helped the housing ministry to ease financial burdens on citizens, Minister Majid Al Hogail said on his Twitter account.

 

The ministry will bear the full interest rate on loans granted to citizens with an income below SAR 14,000 to boost the rate of home ownership among nationals, headded.

 

SAMA decided to increase the mortgage loan limit to 90 percent from 85 percent of the total value of unit value for Saudi first-time buyers, Argaam reported earlier.

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