The Real Estate Development Fund has injected exceeded 9.791 billion riyals by signing 19,761 new loans since the beginning of the current year 1437 AH, for those whose loans were approved and whose names were announced during the past period across all cities and provinces of the Kingdom. The Fund stated that the loans it signed this year contributed to increasing the rate of home ownership, in addition to its role in the construction of more than 23,000 housing units.

The Fund added in a press release that it continues to disburse loans to citizens who have been previously approved, since the beginning of last Muharram until now, loans have been distributed across various cities and provinces of the Kingdom, and the Fund is keen to develop new financing programs that help reduce loan waiting times. These programs are aimed at all segments of citizens who are on the Fund’s waiting listwith the Fund. Among these is the subsidized accelerated loan program, which complies with the provisions of Islamic Sharia and targets citizens who remain on the waiting lists and wish to purchase ready-to-move-in housing units, whether villas or apartments, in accordance with the criteria and requirementsset by the Fund. The applicant receives a loan of up to 500,000 riyals, to be repaid over 15 years in monthly installments of 2,777 riyals, In addition, there is a reduced financing cost of 75,000 riyals, which is repaid after the accelerated loan installments have been paid off over a period of 5 years with a monthly installment of 1,250 riyals. This program allows for the possibility of obtaining supplementary financing for the value of the home in an amount higher than the value of the accelerated loan directly from the bank, in accordance with the terms and conditions set by the bank, which means it represents one of the affordable financing solutions aimed at enabling citizens to obtain suitable housing in line with their aspirations.