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Saudi Arabia's national home finance firm, Bidaya, may open its doors by the end of this year, part of efforts to raise low levels of home ownership in the country, its founding sponsor said.Mortgage loans exceed 50 percent of GDP in many developed countries.Home financing options offered by Saudi banks in the past have been limited; for example, buyers have had home payments automatically deducted from their salaries by lending banks.In 2012 the kingdom introduced a package of mortgage laws to stimulate home financing, and since last December, the central bank has issued six real estate financing licenses to institutions including Riyad Bank, Arab National Bank and Amlak International.
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