The Real Estate Development Fund revealed yesterday, Sunday, that there are 12,000 self-build financing applications currently being processed by banks, emphasizing the Fund’s commitment to providing appropriate financing solutions for eligible applicants on the waiting lists.

Khalid Al-Amoudi, the Fund’s General Supervisor, outlined some of the solutions and measures that have been put in place to address the challenges facing the housing sector, including reducing the down payment from 10 to 5 percent, which makes it easier to purchase a first home and alleviates the burden of the down payment, while the second solution involves enabling employees of non-accredited private-sector entities, as well as retirees or those nearing retirement, to obtain mortgage financing, in addition to extending the repayment period to age 70 instead of 60.

According to Al-Amoudi, the third solution, called “Flexible Installment,” allows the installment amount to be adjusted based on the beneficiary’s monthly income, provided that the deduction does not exceed 65 percent of monthly income after retirement or in the event the beneficiary has personal tax obligations, thereby helping them acquire suitable housing.

Al-Amoudi noted the high demand for the program among beneficiaries, as evidenced by the “Your Home is Ready” exhibition, which is located in several locations and continues to grow in popularity—a clear indication of the product’s acceptance among the Real Estate Fund’s beneficiaries.

Khalid Al-Amoudi emphasized the Fund’s commitment to providing all possible facilities to beneficiaries and offering suitable financing solutions to everyone on the Fund’s waiting lists, noting that the recent period saw the announcement of the self-build product and the provision of support to beneficiaries with existing mortgage financing by converting it to subsidized financing.