The Real Estate Development Fund has set the 24th of each Gregorian month as the date for depositing monthly subsidies to beneficiaries of the “Sakani” program from the Ministry of Municipal, Rural Affairs, and Housing and the Real Estate Fund, during the Fund’s second board meeting of 2021, which was held virtually. The Fund explained that this decision stems from its commitment to ensuring beneficiaries can access their monthly subsidies before their monthly salaries are deposited.
The Board, which held its meeting virtually, to a proposal to remove the requirement that beneficiaries own no more than two homes in order to accept the transfer of a mortgage from one property to another for previous loans provided by the Fund under the direct lending system, which previously required that no other homes besides the property being mortgaged exist at the time of applying for the mortgage transfer.
It also approved extending the deadline for receiving the remaining direct loan installments until March 18, 1443, in consideration of citizens“ circumstances and their inability to complete construction during the COVID-19 pandemic. Beneficiaries are urged to promptly submit the necessary documents to complete construction and apply for the remaining installments before the deadline expires.
The Council discussed the latest developments in digital transformation and highlighted the e-services provided to citizens to facilitate and simplify the completion of mortgage procedures with ease. It reviewed the e-services provided to citizens through the Beneficiary Services Platform and the Real Estate Advisor, as well as integration with partners from all sectors. The Board also approved a number of resolutions to regulate the Fund’s internal operations, including the adoption of the new organizational structure.
The Board commended the Fund’s management and staff for their efforts, which contributed to achieving the targets by reaching impressive figures in the number of beneficiaries who owned their homes during the period from June 2017 to the end of 2020, The meeting was chaired by Majed Al-Hogail, Minister of Municipal, Rural Affairs and Housing and Chairman of the Board of Directors of the Real Estate Development Fund, at the Fund’s headquarters in Riyadh, in the presence of Mansour bin Madhi, General Supervisor of the Fund, and members of the Board of Directors.
