Khalid Al-Amoudi, General Supervisor of the Fund, explained in a press statement coinciding with the announcement of the eighth batch of the “Sakani” program that there are two important benefits that beneficiaries registered with the Ministry of Housing and the Real Estate Development Fund will receive. The first is that the subsidy amount they will receive from the Ministry or the Fund will be included in the beneficiary’s net monthly income, The second benefit is an exemption from the 55% requirement as the maximum deduction rate, allowing them to access 65 percent of their monthly net income, including the subsidy amount.
Al-Amoudi noted that through these facilities provided to beneficiaries, the Ministry of Housing and the Real Estate Development Fund aim to enable them to obtain the mortgage that best suits their needs, emphasizing that these services complement the diverse housing and financing options already available to beneficiaries, aimed at contributing to the housing program’s primary goal of raising the homeownership rate to 60% by 2020, and reaching 70% by 2030.
The Real Estate Development Fund confirmed that beneficiaries registered with the Ministry of Housing and the Real Estate Development Fund will be granted special benefits following the Saudi Arabian Monetary Authority’s implementation of the ”Principles of Responsible Lending to Individuals.”
It explained that the Ministry of Housing and the Real Estate Development Fund are undertaking a number of initiatives, in partnership with several government agencies under the “Housing Program,” to help provide suitable housing and financing options for all citizens on the waiting lists, noting that, with the support of the Saudi Arabian Monetary Authority, there is significant and active participation by all banks and financial institutions to provide all appropriate financing options.
Al-Omoudi emphasized that all options are now available to citizens registered on the waiting lists, as they can take advantage of the option to purchase off-plan housing units, which are being developed in partnership with qualified real estate developers, or purchasing a ready-to-move-in housing unit from Ministry of Housing projects located across various cities and provinces of the Kingdom, in addition to the option of purchasing a ready-to-move-in unit from the market or building their own home. He emphasized that all these services are provided immediately to eligible beneficiaries through partnerships with banks and financial institutions.
