In a new ruling, the Abha Administrative Court, in a first-instance judgment issued the day before yesterday, Monday, ordered the Real Estate Fund to pay loans from its capital to 30 beneficiaries in the amount of 500,000 riyals each, and to revoke its decision to transfer them to commercial banks.
This ruling is a preliminary one, and the Fund has the right to appeal it within a maximum period of one month from the date of its issuance.
Several court rulings have previously been issued overturning the “Real Estate Development Fund’s” decision to transfer a number of beneficiaries to commercial banks.
Ministerial Decision No. 82 stipulates that the housing subsidy program be regulated as outlined in the attached document, 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 were assigned application 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 amend their applications to benefit from the housing support to be provided under the provisions of this regulation.
