Today, the Real Estate Development Fund is launching a support center for beneficiaries of subsidized financing, thereby announcing that it will begin accepting applications from those eligible for real estate financing who are facing difficulties in obtaining financing. The center will also accept applications from those seeking financing to build their own homes, known as self-financing. The center will be available at all of the Fund’s branches throughout the Kingdom and will operate from 8:00 a.m. to 4:00 p.m., five days a week.
On this occasion, Ayham Al-Youssef, General Supervisor of the Real Estate Development Fund, emphasized that the Support Center for Subsidized Financing Beneficiaries complements the success factors of the subsidized financing mechanism, and to reduce waiting periods for subsidized financing from 12 years to a maximum of 5 years, with the Fund covering financing costs in full or in part based on monthly income and family size. Al-Youssef emphasized that the launch of the Support Center for Subsidized Financing Beneficiaries is intended to assist those who have faced obstacles in obtaining loans from banks, as well as those seeking self-financing to build their own homes, so that each case can be examined individually and innovative solutions can be foundto overcome all obstacles, thereby completing the system that will provide the enabling environment for the continued success of the subsidized financing mechanism and ensure that the housing needs of all eligible individuals are met
The launch of the new center underscores the Fund’s commitment to helping find solutions, serving citizens, and facilitating access to mortgage loans for eligible individuals, by assigning experienced and competent task forces to receive complaints and explore ways to resolve all outstanding issues faced by some eligible individuals in obtaining mortgage financing due to their failure to meet certain requirements—such as adequate financial solvency or employment with non-governmental entities—which are required by some banks and financing companies participating in the subsidized financing mechanism recently introduced by the Fund.
