The Shura Council called on the Real Estate Development Fund to offer loans suitable for young families, with repayment schedules tailored to family income, as well as to explore the issuance of sukuk to finance housing in coordination with relevant authorities, thereby facilitating the real estate financing process.
During its 60th regular session held yesterday, Monday, and chaired by Council President Abdullah Al Sheikh, the Council directed the Real Estate Development Fund to intensify its media and financial education efforts to convey information about the various lending mechanisms and alternatives, and the actual financial burdens they entail, in a comprehensive, transparent, and simplified manner for the public.
The Shura Council clarified that it directed the Fund to adopt the best available measures to reduce the burdens borne by borrowers and to absorb the increase in monthly installments resulting from changes in the SAIBOR rate.
The Real Estate Development Fund was urged to quickly update its borrower database,
through a short-term action plan, and to study the causes of non-payment and collection difficulties,
and to include them in the Fund’s next report.
The Shura Council also called on the Real Estate Development Fund to include in its annual reports the results of quantitative and qualitative performance indicators measuring beneficiary satisfaction across the Kingdom’s various regions.
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The Shura Council called on the Real Estate Development Fund to provide loans suitable for young families, with repayment schedules aligned with household income, as well as to study the issuance of sukuk to finance housing in coordination with relevant authorities, thereby facilitating the real estate financing process.
During its 60th regular session held yesterday, Monday, and chaired by Council President Abdullah Al Sheikh, the Council directed the Real Estate Development Fund to intensify its media and financial education efforts to convey information about the various lending mechanisms and alternatives, and the actual financial burdens associated with them in a comprehensive, transparent, and simplified manner to the public.
The Shura Council called on the Real Estate Development Fund to offer loans suitable for young families, with repayment schedules tailored to family income, as well as to study the issuance of sukuk to finance housing in coordination with the relevant authorities, thereby facilitating the real estate financing process.
