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Article 1

No: M/50

Effective from Jul 03 2012 - Nov 28 2012
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The following terms and phrases – wherever mentioned in this Law – shall have the meanings assigned thereto unless the context requires otherwise:

Law: Real Estate Finance Law.

Regulation: Implementing Regulation of this Law.

Minister: Minister of Finance.

SAMA: Saudi Arabian Monetary Agency.

Ministry: Ministry of Housing.

Real Estate Finance Contract: A deferred payment contract extended to a borrower to own a dwelling.

Borrower: A natural person who obtains real estate finance.

Real Estate Finance Entities: Commercial banks and finance companies licensed to engage in real estate finance activities.

Consumer: Any person targeted by real estate finance services.

Subsidy-Eligible Individual: A Saudi natural person with income not exceeding the limit proposed by the Minister from time to time and approved by the Council of Ministers.

Housing Societies: Charitable organizations and institutions licensed under applicable laws to provide housing to persons unable to afford it.

Primary Market: Real estate finance contracts entered into between the borrower and the real estate finance entities.

Secondary Market: Trading of finance entity's rights arising from primary market contracts.