21 Dhu al-Hijjah 1442 - 31 July 2021
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Eye of Riyadh
Eye of Riyadh
Business & Money | Sunday 25 August, 2019 1:50 am |

Bidaya Launches Down Payment Support Initiative For Citizens

Bidaya Home Finance recently launched a newly developed program targeting nearing retirement civilians, providing them with 140 thousand riyals as a down payment support for citizens who are above 50 years of age.


The program will cover the marginal profit on the home monthly instalment payment and envisages the additional finance to be repaid without profit after the main finance is paid up.


This program is one of many unique programs that are being offered by Bidaya to help nearing retirement citizens to achieve their dream of owning their home.


This new program is part of the mechanism of institutional finance that was initiated by the government, represented by the Ministry of Housing, the Real Estate Development Fund (REDF) which aims at supporting citizens on REDF’s waiting list.


The main goal of the program is to facilitate the owning of a suitable home by Saudi citizens in this segment of retirees.


Mazin Al-Ghunaim, CEO of Bidaya Home Finance, expressed his joy at being part of the national effort to support nearing retirement citizens and to provide Down Payment Support to beneficiaries. 


“This is the least that could be done towards the segment of nearing retirement  men and women who have served the country in every way and would like to continue the rest of their lives in a house of their own.


“This new program will satisfy the needs of this important segment by providing an additional finance without profit. Bidaya will continue its caring approach to satisfying the needs of its customers in all segments of Saudi society through its creative programs.” 


The program is expected to attract applications from many  citizens who dream of owning their first home. The program offers easy fixed monthly payments that fit their financial capabilities in a calibrated repayment plan.


Bidaya Home Finance provides a number of programs and initiatives that are in line with the National Transformation Plan, which promotes the value of citizens within society who are effectively participating in developing the national economy and achieving sustainable development in accordance with Saudi Vision 2030.

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