Loan and Land
The Director General of the Real Estate Development Fund in the Eastern Province, Engineer Salah bin Abdullah Al-Abdulkarim, stated that the first case that applied for the additional loan from the Dutch Bank was registered last week to complete the purchase of a house, and the application was accepted and emptied by the notary in Khobar, which responded to the first case applying for this loan in order to speed up the completion of the transaction so that the citizen can obtain housing, and there are other cases waiting to complete their procedures with Al Rajhi Bank that have not been completed by them yet, explaining that the Fund has already signed the agreement with four banks and banks. Additional pay
Regarding the Fund's assumption of bank profits imposed on borrowers, Al-Abdulkareem emphasized: «The Fund agrees with the borrower to lend him only 500 thousand, and does not bear any bank profits, but it is according to the agreement between the bank and the borrower, according to the visit of engineers to the site and finding the house with appropriate specifications and space, he gets the full loan from the Fund. He gets the full loan from the Fund, and then a tripartite contract is made between the borrower, the bank and the Fund to finance the additional amount in order to complete the purchase process and empty the notary to mortgage the deed, calling on all citizens wishing to obtain this loan to visit the Fund's website to familiarize themselves with all the required conditions.
Additional Loan
The «Additional Loan» program is a program that aims to enable citizens who have been approved for lending from the Development Fund to obtain the appropriate loan to complete the construction of their homes through local banks.

«There is no doubt that the efforts made by the Real Estate Development Fund currently are good and blessed efforts and represent a good effort added to the balance of the Fund and its historical role in the housing issue,« said researcher in real estate affairs Dr. Ali Bu Khamseen, but these recent steps such as issuing the additional loan decision is indeed a qualitative leap in the Fund's dealing with the housing crisis and a departure from the traditional framework that it has followed throughout its past work period, as these current ideas are modern mechanisms to face the housing crisis and provide successful and fruitful practical solutions that enable the citizen to obtain financing to build housing as quickly as possible.

As for the expected decrease in the housing crisis after receiving the applications of citizens wishing for this type of loans, he explained that to date, the Fund has disbursed approximately 700,641 loans and currently has 2,274,000 applications, and last year disbursed about 82,000 and the current year about 11,000 loans until the current time, and at this rate the process is very slow to accommodate the number of applicants as announced, so we need real leaps to be able to say that there will be a decrease in the housing crisis.

He pointed out that the envisaged result is undoubtedly positive, that is, it will result in long-term solutions to confront the crisis, but how much it will bear fruit and during how much it will bear fruit depends on the volume of bank lending and the amount of loans that will be disbursed to applicants from citizens who meet the conditions and it will become clear to us in the coming months the extent of the success of this experiment, which will inevitably expand its circle in terms of banks that provide such a loan, namely Al Rajhi, Dutch, Al Ahli and Samba currently.


Strategic partnership
For his part, the General Manager of Basma Real Estate Management Company, Khalid Al-Mubaid, said that the additional loan program is the first partnership between the government and private sectors with regard to solving the housing crisis in the Kingdom, and will help many citizens who deserved a loan from the Fund and did not benefit from it because it does not match the prices of housing units in the market, and they also could not obtain an additional loan from banks because the Fund was required to mortgage the house to be purchased with the financing amount (500 thousand riyals), which in turn deprived many beneficiaries.

Real estate expert Dr. Mahmoud Al-Nabris said that the delay in the application of the additional loan program on the ground was because it was subject to a realistic and detailed study so as not to occur several loopholes that may hinder the work and procedures, but recently appeared in a good way that will enable many beneficiaries to know the time of approval to obtain the amount of funding due to an organized mechanism and specific dates that will comfort them during review times, meaning that all decisions related to housing began to see the light...