PIF-backed Saudi refinancing firm lowers lending rates for long-term mortgages – The National

PIF-backed Saudi refinancing firm lowers lending rates for long-term mortgages – The National

PIF-backed Saudi refinancing firm lowers lending rates for long-term mortgages. The company reduced rates by 15 basis points - its first rate cut this year. The Saudi Real Estate Refinance Company (SRC) lowered lending rates for long-term mortgages in an effort to boost home ownership in the kingdom.. SRC, owned by the kingdom's sovereign wealth fund, reduced rates by 15 basis points for its long-term fixed-rate mortgages (LTFR), it said in a statement on Tuesday.. "Our LTFR mortgages will help customers alleviate troubles of high rate mortgages and allow more people to access the home mortgage markets," said Fabrice Susini, chief executive of SRC. ". SRC was founded in 2017 by the Public Investment Fund to increase home ownership among Saudi nationals and develop the mortgage finance market.. Mr Susini added that the company has undertaken "several reviews to reduce the profit rates on real estate financing in accordance to the market conditions and in the interest of Saudi citizens".. "We also took the necessary measures to ensure that profit rates are maintained at the lowest possible level in order to achieve the company's goal of increasing home ownership rates in the kingdom.. We believe the current market conditions represents