The Real Estate Development Fund announced the launch of a new track for its “subsidized financing” programs, namely “converting existing loans to subsidized financing,” which is support provided to beneficiaries registered on the Fund’s lists who have existing real estate financing from participating financing entities and are still making payments.

Hamoud Al-Osaimi, the official spokesperson for the Real Estate Development Fund, stated that through this program, the Fund aims to ease the burden on beneficiaries by covering the mortgage interest they incur, which contributes to increasing the percentage of citizens who own their homes, in line with the Kingdom’s Vision 2030. Regarding the mechanisms and features of the “Conversion of Existing Loans to Subsidized Financing” track, Al-Osaimi stated that the subsidy amount will be calculated according to the criteria of the subsidized financing program, including the interest on the amount the beneficiary has already paid to the lender retroactively, up to a maximum of 500,000 riyals, The subsidy amount will also be divided into equal monthly installments for the remaining term of the financing.

One of the features of the new financing track is the transfer of support from the Fund’s account to the beneficiary’s account immediately after the monthly installment is paid to the lender, with the possibility of extending the support period after the financing term with the lender ends, The beneficiary can also complete all procedures by visiting the Real Estate Fund branches without having to contact the financing entity.

Al-Osaimi invited citizens wishing to benefit from this service to visit the Real Estate Fund’s website and register for the “Request for Support on Existing Mortgage Financing” service.