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New finance program for retirees to own homes
JEDDAH – Retired government employees can now own their home through a real estate finance program launched in cooperation with Dar Al-Tamleek Company, according to Public Pension Agency (PPA) spokesman Fahd Al-Salih. Retirees who are registered in the General Organization of Social Insurance (GOSI) and retired civil and military officers can benefit from the new program, which reflects PPA's keenness to provide members with efficient housing finance solutions. “All finance options are Shariah-based and come with fixed installments and are available to applicants who are less than 70 years old. The program offers grace periods as the first installment will be paid six months after the applicant gets the residential unit. There are countless advantages and benefits,” explained Al-Salih. Osama Falali, an economic expert, said the number of retirees reached 700,000 by 2015 and it has been increasing every since. Retired government employees could not get finance from banks and other finance institutions in the past. Today, different finance options are available to them, thanks to the efforts of the PPA and the Ministry of Housing. The retirees who served the country for a long time deserve to have their own home. “The new program will help increase the number of Saudis who have their own homes, which comes in line with the objectives of National Transformation Program 2020,” he said, stressing that retirees constitute an integral part of society and have served the country for long years in different sectors. Abdullah Al-Ahmari, chairman of Real Estate Appraisal Committee in Jeddah Chamber of Commerce and Industry, commended the new program launched by PPA, saying that it allows retirees to get finance quickly and without guarantees. He noted that the move will reflect positively on outlook of the real estate sector, which has seen slow growth lately.

Source: Saudi Gazette