The Public Pension Agency announced that the conditions to benefit from the Masakin program have changed. The age limit is now 75 instead of 70, which should allow more retirees to benefit from the housing program.
MASAKIN Program is deemed a financing system based on Sharia (Islamic Law) – compliant Murabaha as the PPA shall purchase and own the property (villa / Duplex / Apartment / Residential Buildings) upon the request and desire of a beneficiary (employee / retiree) then sale of the same to the beneficiary on installments with a defined profit margin.
The Masakin program is for employees and pensioners from both public and private sectors and has many benefits like 3 to 6 months grace period for finance period, the possibility of spouses’ common mortgage payment and financing up to the age of 75.
#Saudi_Arabia #Masakin #housing
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