Applicability of Article 12 of the Implementing Regulations of the Real Estate Finance Law on Individual Land Financing
| No: 361000068588 | Date(g): 28/2/2015 | Date(h): 10/5/1436 | Status: In-Force |
Translated Document
Referring to the powers vested to SAMA under the Real Estate Finance Law issued by the Royal Decree No. (M/50) dated 13/8/1433 H and The Finance Companies Control Law issued by the Royal Decree No. (M/51) dated 13/8/1433 H, and where SAMA has received many inquiries regarding the extent to which land financing is subject to the provisions of Article Twelve of the implementing regulations of the Real Estate Finance Law issued by the decision of the Minister of Finance No. (1229) dated 10/04/1434 H.
Accordingly, SAMA confirms that the individual land financing by all real estate financiers (banks and finance companies) is subject to the provisions of Article 12 of the Implementing Regulations of the Real Estate Finance Law.