In this regard, the media advisor of the Real Estate Development Fund, Turki Al-Dahmash, explained that in the spirit of transparency in dealing with beneficiaries, a number of controls and criteria have been established, through which a special committee in the Real Estate Fund studies the requests of beneficiaries wishing to waive their “subsidized financing” to one of their first degree relatives, explaining that these controls come as follows:
These controls come as follows:
The «waiving beneficiary» must be one of the beneficiaries on the lists of the Real Estate Fund, whether approved or still on the waiting list.
<The «assignee» must be a male or female employee. The «assignee» must have the financial and credit solvency, and the ability to repay the subsidized finance.
<It cannot be assigned to a person who has borrowed from the Fund in a previous period. <The possibility of waiver for a father. Can be assigned to a married son who is 21 years old.
<Assignment to a single son who is 24 years old. Assignability to a married sibling aged 21 years old.
Assignability to a married brother aged 21 years old. Waiver for a 24-year-old single sibling.
Waiver for a 24-year-old single sibling. The possibility of waiver for a divorced woman who has been divorced for two years.
<Widow (whether mother, sister, or daughter) can be waived. <A sister or daughter who is over 40 years old and unmarried can be waived. <A sister or daughter married to a non-Saudi national can be waived. Al-Dahmash emphasized the need to fill out the loan waiver form, attach a copy of the national ID card of the beneficiary and the assignee, in addition to bringing other documents (such as a salary identification letter from the employer, filling out the SIMAH declaration form, and a copy of his bank statement for 3 months).
If there is an additional monthly or annual income, proof of this must be attached to the documents and statements so that it can be calculated as part of the monthly income of the transferee.
