Riyadh - Follow-ups
A number of local banks have started preparing a list of conditions related to additional loan applicants. Some banking sources explained that some Saudi banks are preparing to impose their own requirements that they used to offer to those wishing to obtain real estate loans earlier, on applicants for the additional loan.
The sources revealed to some media organizations that the banks have requested a government guarantee of a fixed profit rate in order to waive some of the procedures they are emphasizing. He pointed out that these requirements will vary from one bank to another depending on the employer of the beneficiary of the loan with the imposition of the appropriate Murabaha rate for the repayment of loans up to 25 years.

He pointed out that those who have already obtained a loan from the Real Estate Development Fund in the recent past, and the possibility of enhancing it with an additional loan. He said: This step is still controversial as the beneficiary may not be eligible for inclusion in the additional loan program for several reasons, but the confirmation is limited only to the new lists announced by the Real Estate Development Fund after the announcement of the project's official entry into force.
This comes after a tour carried out by «Okaz» on several branches of different Saudi banks in the role of a citizen wishing to obtain an additional loan after the Real Estate Development Fund loan reached him. The tour revealed that officials responsible for receiving customers in some banks are not aware of any details of the additional loan system before they announced that the details of the system have not yet reached them, in addition to the forms intended for filling are still under implementation, which makes them unable to receive any requests in this regard at this period. The tour revealed the existence of requests by citizens for the additional loan after they knew that government agencies had completed their preparations to start the application procedures, especially at the Ministry of Justice. The source pointed out that the lack of readiness of some local banks made the requests for the additional loan suspended until the arrival of the approved procedures. A local bank branch manager was also spotted confirming to a citizen that the bank in which he works will not start applying the additional loan system until after the end of the third quarter of the current Hijri year, but he declined to specify a specific time to start the official implementation of the project. The branch manager told the citizen.