The Board of Directors of the Real Estate Development Fund approved the launch of the “Mortgage Finance Guarantees” program, which is expected to serve a large segment of those on waiting lists, and will be implemented as soon as the procedures are completed. The program aims to provide mortgage financing for beneficiaries applying to the Real Estate Development Fund, by commercial banks and financing companies to cover the risk ratio of financing entities, in cooperation with the Ministry of Finance and the Monetary Authority.

The program aims to provide mortgage financing for beneficiaries who apply to the Real Estate Development Fund. The “Mortgage Finance Guarantees” program is scheduled to benefit civil and military sector employees, private sector employees, and tortfeasors, as there will be high-level cooperation with the Public Pension Agency, the General Organization for Social Insurance, and the General Authority for Small and Medium Enterprises to achieve the objectives of the Kingdom's Vision 2030 to enable all segments capable of paying to own suitable housing.

This came during the meeting held at the Fund's headquarters in Riyadh of the Board of Directors of the Real Estate Development Fund, chaired by the Minister of Housing and Chairman of the Board, Majid bin Abdullah Al-Hogail, and attended by the Vice Chairman of the Board, General Supervisor of the Fund, Khalid Al-Amoudi, and members of the Board.

The Board of Directors also approved the transfer of loan applications that are still pending (valid application status), and whose owners wish to transfer them to one of their first-degree relatives who meet the Fund's lending conditions.

The Board of Directors also discussed the transfer of loan applications that are still pending (valid application status). The Board of Directors of the Real Estate Development Fund discussed a number of topics on its agenda, including reviewing the steps taken on the program to transform the Fund into a financial institution, the performance report of the beneficiary service centers, the call center and the work done to serve the citizens, the performance indicators of the Real Estate Development Fund, and the progress report of the products, including the subsidized financing program.

The Board of Directors of the Real Estate Development Fund discussed a number of topics on its agenda.