The Real Estate Development Fund has completed all its arrangements to launch the accelerated loan product for citizens applying to the Fund in the coming days in partnership with Al Rajhi Bank, and the accelerated loan targets citizens who are still on the waiting lists to give them immediate financing for ready-made housing units, whether villas or apartments according to the criteria and requirements set by the Real Estate Fund in advance.

The “Accelerated Loan” product is considered the most flexible and low-cost financing product, and it is done through banks, and is approved by the Real Estate Development Fund.

The "Accelerated Loan" product is considered one of the most flexible and low-cost financing products, which is done through banks, and is approved by the Sharia Council, and represents one of the easy real estate solutions that the Fund seeks to offer as new options for citizens who are on the waiting list, to contribute to reducing their waiting period, after the suspension of disbursement of loans since last October 2015.

The "Accelerated Loan" product is one of the most flexible and low-cost financing products, which is done through banks, and is also approved by the Sharia Council.

The accelerated loan is an optional, not mandatory, program, and the first phase will be allocated to those on the waiting lists.

The Real Estate Development Fund has negotiated with financial institutions and banks with the aim of reducing mortgage financing fees through direct support from the Fund to develop financial products for citizens supported by the state so that the cost of financing reaches a very low level compared to the current financing rates in the market, and Al Rajhi Bank will be the first bank to activate the new program for its customers.

The applicant for the accelerated loan program gets the mortgage loan from the bank directly and immediately and repays the loan for up to 15 years without interest, as the Fund will pay the interest on behalf of the citizen during the term of the loan, indicating that the reduced financing cost of 1% will be added to this, to be paid after completing the payment of the accelerated loan installments over 5 years.

Al Rajhi Bank will be the first bank to activate the new program for its customers.