10 thousand beneficiaries from the “Masaken” program, up to 5 million riyals

The Public Pension Agency estimated the number of beneficiaries of the “Masaken” program to be more than ten thousand, confirming the continuation of the program, with the aim of providing real estate financing solutions to state employees and retirees subject to the civil and military retirement system or the social insurance system, to enable them and their families to own their properties and benefit from the benefits of the program. The program is distinguished by the ease and speed of procedures, and its approval by the Sharia Board, as it is based on a stable and competitive profit margin during the financing period, and aims to finance all real estate: apartments, villas, duplexes, residential buildings, and lands, and the financing age extends up to (75) years, with the possibility Funding should reach 5 million riyals, salary transfer is not required, and it is possible to deal with any local bank, and the repayment period is up to 30 years, with the possibility of husband and wife solidarity, and a deduction of up to 65% of the monthly income, and the program also features the ability to purchase housing units Within the urban boundary in all cities and governorates, exemption upon death of the remaining installments and emptying of the property in favor of the heirs. It is noteworthy that the “Masaken” program – which is a real estate financing program owned by the Public Pension Agency and managed by the Dar Al Tamleek Company – is based on murabahah.

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