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FINANCIAL NEWS
621.000 Saudis set for state support
31 Aug 2014
(MENAFN) Under ESKAN, the new scheme launched by The Saudi Housing Ministry, which was designed to ease the shortage of homes in Saudi Arabia, around 621,000 Saudis have been found eligible to receive housing aid, Arab News reported.
The scheme received a large number of applications to benefit from ESKAN. The ministry then investigated the applicants’ financial needs with every possible government agency, including the Education and Higher Education, Interior, Justice, Civil Service, Social Affairs and Municipal and Rural Affairs ministries.
The approved families will pay for their subsidized homes or land, or pay off their loans, in monthly instalments over 10 years through a 25 percent deduction of their monthly income.
Family units eligible to receive support include childless couples, married couples with one or more children, single men or women with one or more children in their care, orphaned siblings, children with no father and Saudi women with non-Saudi offspring.
Applicants should be Saudi nationals living in the Kingdom over the age of 25 with no house to their name within the last five years
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