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  • Chapter Four Real Estate Housing Finance Subsidized Product

    • Article 28

      When subsidizing real estate housing finance product through a real estate finance entity, the subsidy provider shall provide a description for each product to ensure compliance with credit policies, risk management and transaction integrity. Such description shall include the following:

      1.Eligibility criteria;
       
      2.Subsidy amount;
       
      3.Means of finance; and
       
      4.Any other information specified by SAMA according to product type.
       

    • Article 29

      1.The real estate finance entity shall adhere to all credit rules as stipulated by SAMA in dealing with subsidized real estate housing finance products; and
       
      2.The real estate finance entity shall obtain a no objection letter from SAMA prior to providing such product to persons eligible to subsidy, in accordance with the provisions stipulated by SAMA.
       

    • Article 30

      The real estate finance entity shall not offer real estate housing finance subsidized products except pursuant to a resolution by its board of directors.

    • Article 31

      This Regulation shall come into force on the date of its publication in the Official Gazette.