Saudi Real Estate Refinance

Established in 2017 as part of Saudi Arabias Vision 2030 agenda, the Saudi Real Estate Refinance Company (SRC) seeks to transform the local housing and raise home loan industry standards. Fully owned by the Public investment fund (PIF) and licensed to operate by the Saudi Arabian Monetary Authority (SAMA), SRC aggregates, packages, and sells mortgages to domestic and international investors. SRC partners with many financial institutions to enable them to offer more mortgages. SRC is part of Vision 2030s efforts in the housing sector aiming to increase private home ownership to 60% by 2020 and 70% by 2030. SRC provides funding for long-term fixed-rate (LTFR) mortgages that fix monthly homeowners payments providing both predictability and security. SRC also provides funding for adjustable rate mortgages where payments fluctuate based on changes in interest rates.