Around 122 thousand Saudi citizens have received property loans from Saudi national banks during the first half of this year with an average of 800 thousand SAR for each applicant according to a press statement by Talaat Hafiz, chairman of media and awareness committee in Saudi banks, delivered to “Al Iqtisadiya” Saudi newspaper.
As for default rate, Hafiz said that the percentage of individuals and companies default in repayment of properties loans was 1.5% this year, while it hit 1% in 2014.
Default occasions are expected to decline in the future as a result of the new restrictions issued by SAMA. The new law entitles banks to offering properties loans only for applicants able to pay 30% of the property value as a deposit.
As for personal loans, Hafiz said that it reached 318 billion SAR during the second quarter of this year rising by 4% compared to the same period of last year.