The Board of Directors of the Real Estate Development Fund has required borrowers whose applications have been approved to submit a credit report from “SIMAH” within 30 days and to be current on their payments; This reaffirms that loans will not be granted to borrowers with delinquent payments on their SAMA records, and that they must complete the Fund’s approved application form.
In addition, the Fund has begun implementing the eligibility criteria and regulations approved by the Board of Directors, which the Fund has published on its website. These include the requirement to have loan installments deducted from the borrower’s salary by their employer, along with providing a salary statement from the employer that includes the date of employment, and attaching a bank statement showing the salary for the past three months, stamped by the bank.
The eligibility criteria classify the target groups into four categories: the first includes those with salaries of 5,000 or more, who are required to submit a registration form along with a salary statement and a credit history report; The second category includes requirements for non-employees, the most important of which are a recent civil registry certificate and proof of income demonstrating their ability to repay, filling out an identification form for non-employees, attaching a bank statement covering one year that verifies all sources of income and is stamped by the bank, and attaching a 30-day credit report showing a history of regular payments.
The third category was designated for women and orphans and required applicants to fill out a sponsorship form along with a copy of the sponsor’s ID, provided that all the previous conditions apply to the sponsor.
The fourth category is reserved for those whose salaries are less than 5,000 riyals. A specialized committee within the Fund’s General Administration was formed to review their applications; applicants are required to provide a salary statement certified by their employer, a bank statement covering a three-month period, and a credit report covering the past thirty days showing a history of regular payments, along with any official documentation verifying their income level.
The Fund’s new conditions included provisions for the construction and completion of the new building, including a minimum estimated cost of 1,500 riyals per square meter, the completion of a technical specifications form for each transaction, and the submission of evidence of the borrower’s financial capacity to provide the supplementary amount alongside the fund’s loan.
