The Shura Council has begun a study regarding exemptions for those unable to repay mortgage loans. The study includes covering a portion of the installments to assist low- and very low-income individuals.
The Real Estate Development Fund is conducting a study in cooperation with the Ministry of Justice regarding borrowers in arrears, noting that the Fund has a specific mechanism in place to address low-income borrowers who are unable to repay their loans.
The study noted that a number of Council members submitted a proposal calling on the Ministry of Housing to reclaim land granted to certain government sectors that have not invested in it and to transfer it to the Ministry.
The recommendation included transferring land owned by merchants that has remained undeveloped for five years to the Ministry of Housing, as well as imposing a zakat levy on real estate agencies to support the Real Estate Development Fund.
The report by the Council’s Housing and Services Committee stated that the Real Estate Development Fund has frozen funds consisting of loans approved for individuals who have not followed up with the Fund, numbering over 100,000 people.
