With the participation of 28 banking, financing, and real estate entities, Khalid bin Mohammed Al-Amoudi, General Supervisor of the Real Estate Development Fund, recently opened the “Your Home is Ready” exhibition in Riyadh, which was organized by the Fund as part of the “Sakani” program, with the aim of enabling beneficiaries on the Fund’s waiting lists to obtain ready-to-move-in housing units suited to their needs and financial capabilities. The exhibition, which runs through March 4, targeted approximately 45,000 citizens in the cities of “Riyadh and Al-Kharj.”
Incentivizing Real Estate Development and Financing Companies
The Fund worked to showcase and provide housing units to beneficiaries through participating real estate development companies and with financing from banks at the exhibition, The Real Estate Development Fund organized this exhibition to invite the largest number of its beneficiaries in the cities of Riyadh and Al-Kharj who are interested in owning ready-to-move-in housing units, as well as to encourage real estate development and financing companies to offer special deals to beneficiaries, with the possibility of obtaining financing exceeding 500,000 riyals, in addition to assigning a team of credit advisors from the Fund’s staff to provide support and educational services to beneficiaries.
The Real Estate Fund reaffirms its commitment to serving 500,000 beneficiaries on its waiting lists within three years by 2020, through the implementation of financing plans, ambitious initiatives, and flexible mechanisms and solutions.
Steps to Take Advantage of the Offers
On this occasion, the Fund’s media advisor, Turki Al-Dahmash, stated that the exhibition aims to enable mortgage beneficiaries to acquire ready-to-move-in housing units from real estate companies at affordable prices, financed by participating financial institutions, with the Fund covering financing profits of up to 500,000 riyals for those earning less than 14,000 riyals per month, while a subsidy calculator is applied to those earning more than that, to make it easier for beneficiaries to own their first home, in addition to educating participants in the mortgage program (subsidized financing) about its various options and answering all questions and inquiries.
The exhibition organizers have outlined the process and steps for taking advantage of the offers, starting with the receptionist at the exhibition to verify reservations and registration, then proceeding to the Real Estate Fund’s credit advisor to obtain the most suitable financing solutions tailored to the beneficiary’s needs. The beneficiary then proceeds to the financing entity to select a financing solution, then visit real estate developers and marketers to select the appropriate unit, and finally return to the financing institution to complete the sale procedures and take possession of their home.
Immediate Services and Consultations for Visitors
The exhibition has dedicated a section of its space to providing immediate services to visitors, such as updating beneficiary information, offering credit and financing consultations, and facilitating the process for beneficiaries to obtain subsidized real estate financing, and offering a variety of ready-to-move-in housing units, in addition to providing a free shuttle service for eligible visitors from the exhibition venue to the housing sites for viewing. These services and programs have been carefully designed to meet the needs and preferences of beneficiaries, as well as their financial capabilities, and are an integral part of the Fund’s primary objective of serving citizens and streamlining all procedures for them to obtain suitable housing.”
Services from Development and Financing Companies
A significant number of real estate development companies, banks, and financing institutions also participated by offering exclusive deals specifically for Real Estate Fund beneficiaries and exhibition visitors, as well as educating beneficiaries about real estate products such as accelerated loans, subsidized mortgage loans, subsidized “Baitak” and “Zoud” loans, subsidized existing financing, subsidized mortgage-backed financing, affordable mortgages, and the sale of residential units under construction (marketing only), The companies showcased their residential units and offered a wide range of options, including immediate occupancy—which consists of apartments and villas featuring various modern designs and a variety of sizes to meet the needs of different customer segments.
