Saudi Real Estate Refinance Company lowers long-term finance rate on mortgages

Saudi Real Estate Refinance Company lowers long-term finance rate on mortgages

The Public Investment Fund (PIF) -owned Saudi Real Estate Refinance Company has said it will lower the mortgage benchmark curve (Long-Term Financing Rate or LTFR) by 26 basis points for mortgage tenors from 20 to 30 years. The rates for mortgages shorter than 20 years remain the same. By reducing the long end of the mortgage rates in a rising global interest rate environment, SRC has said it will continue to support the development of a robust mortgage market and its liquidity, continuously providing affordable and accessible financing options to Saudi citizens. This sensible reduction in LTFR mortgages is expected to be positive for housing demand in Saudi Arabia and will further support stable financial market conditions and the financial sector’s contribution to the overall GDP growth. Fabrice Susini, CEO of Saudi Real Estate Refinance Company said: “Our commitment to supporting the sustainable growth of the housing market in Saudi Arabia stems from our mission statement and from the recognition of its critical role as a key contributor to the country’s economic development.” He added that the Saudi Real Estate Refinance Company provides accessible and affordable financial solutions to the public, while aligning with the strategic objectives of Vision 2030’s