Real Estate Fund confirms fulfillment of its obligations to the citizen if he transfers to a bank

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The General Supervisor of the Real Estate Development Fund, Engineer Ayham Al-Yousef, revealed that there are citizens whose salary exceeds 100 thousand riyals and have benefited from the support of the Fund, indicating that he is supposed to leave the field for others, but in the end it is one of his rights and was given the least support, indicating that everyone will benefit from the support fairly and the support will vary according to the proportions of need.

The General Supervisor of the Real Estate Development Fund, Engineer Ayham Al-Yousef. <Al-Yousef emphasized that the Fund did not abandon the citizen when it referred him to banks to borrow from them, but this step came with the aim of serving more than one beneficiary. Al-Yousef added that all the profits of the loans granted to citizens are repaid by the fund, but proportionally, which means that the support starts from 1,100TP3T and gradually decreases.

<Al-Youssef explained that the difference in bank profits on loans from one bank to another makes no difference to the citizen because most citizens will not pay anything and the bank has nothing to do with the citizen. Al-Yousef pointed out that the Fund is not a for-profit organization but wants to ensure the repayment of the value of the loans, indicating that the loan is not a gift as the Real Estate Fund will not grant loans that the beneficiary cannot repay except in certain cases (those unable to repay) as it is being studied by a special committee from several government agencies.

Al-Yousef said that the Fund has the ability to provide loans to citizens. He said that the Fund has a waiting list of 500 thousand beneficiaries in addition to one million beneficiaries in the Ministry of Housing, and 5 million coming on the way in the future, indicating that the Fund needed 40 years to finish the waiting lists if the previous mechanisms were adopted, but according to the new mechanisms it needs only 5 years.