The Administrative Court in Buraydah reinstated 70 beneficiaries“ eligibility to receive loans from the Fund’s capital and revoked their referrals to banks, This followed a ruling against the Real Estate Development Fund in favor of the 70 beneficiaries—who had received approval prior to July 23, 1432 AH—ordering that they be granted loans from the Fund’s capital and that their cases be withdrawn from the banks.

Ministerial Decision No. 82 stipulates that approval for the regulation of housing subsidies shall be in the attached format, and that applications for housing subsidies (housing unit – residential land – housing loan – and both land and housing loan) be accepted through the Ministry of Housing’s online portal.

The decision further stipulates that the provisions of these regulations shall apply to all housing loan applications submitted to the Real Estate Development Fund, with the exception of applications submitted to the Fund by applicants who held registration numbers prior to 23 / 7/1432 AH; these will be processed in accordance with the procedures in effect prior to the implementation of this regulation, and the Fund shall disburse the necessary amounts from its current capital. Applicants —who meet the conditions set forth in the regulation—shall be permitted to amend their applications to benefit from the housing support to be provided under the provisions of this regulation.

The Real Estate Development Fund recently announced that subsidized financing will be provided urgently and immediately to all applicants with pending files who are beneficiaries of the Studies Committee ”the Committee“—whose loan applications had already been approved prior to the decision to suspend direct lending—numbering 2,470 beneficiaries.

It added that an agreement had been reached with a number of participating financial institutions to lend to ”Committee beneficiaries,” with the Fund bearing 100% of the real estate financing profits provided to them.