Standard & Poor's Ratings Services addresses questions about Saudi home financing and banks in its Credit FAQ How Will Saudi Arabia's New Mortgage Law Affect Domestic Banks?
The Saudi Government's implementation of a package of five laws composing Saudi Arabia's new mortgage law is drawing closer. This legislation will transform home financing in Saudi Arabia to property-secured lending from the current practice of extending loans based on salary assignment, or banks' automatic deductions from borrowers' salaries to repay home loans.
"Once the new mortgage law becomes effective, we believe that Saudi banks will expand their mortgage lending activity significantly over time, strengthening their competitive advantage versus nonfinancial companies and foreign banks operating in Saudi Arabia," said Standard & Poor's credit analyst Paul-Henri Pruvost.
Read more: http://www.gulfbase.com/news/standard-poor-s-publishes-credit-faq-on-saudi-mortgage-laws/230281
The Saudi Government's implementation of a package of five laws composing Saudi Arabia's new mortgage law is drawing closer. This legislation will transform home financing in Saudi Arabia to property-secured lending from the current practice of extending loans based on salary assignment, or banks' automatic deductions from borrowers' salaries to repay home loans.
"Once the new mortgage law becomes effective, we believe that Saudi banks will expand their mortgage lending activity significantly over time, strengthening their competitive advantage versus nonfinancial companies and foreign banks operating in Saudi Arabia," said Standard & Poor's credit analyst Paul-Henri Pruvost.
Read more: http://www.gulfbase.com/news/standard-poor-s-publishes-credit-faq-on-saudi-mortgage-laws/230281
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