Book traversal links for Article 1
Article 1
No: M/50 |
Effective from Jul 03 2012 - Jul 02 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.