Article 1
| No: M/50 | Date(g): 3/7/2012 | Date(h): 14/8/1433 |
Effective from Nov 29 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 Central Bank*.
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.
* The Saudi Arabian Monetary Agency was replaced by the name of Saudi Central Bank in accordance with The Saudi Central Bank Law No. (M/36), dated 11/04/1442H, corresponding to 26/11/2020G.