The Real Estate Development Fund announced today that that it has deposited 734 million riyals into the accounts of citizens who are beneficiaries of the “Sakani” program, administered by the Ministry of Municipal, Rural Affairs, and Housing and the Real Estate Development Fund, for the month of July of this year, 2021.
Mansour bin Madi, CEO of the Real Estate Development Fund, explained that this month’s total subsidy was allocated to profits from subsidized mortgage contracts, noting that the total amount deposited into the accounts of “Sakani” beneficiaries since the announcement of the Transformation Program in June 2017 through July of this year has exceeded 29.6 billion riyals.
He noted that the subsidized mortgage program enables “Sakani” beneficiaries to obtain a mortgage of up to 500,000 riyals, with interest subsidies of up to 100%, emphasizing that the Fund will continue to support mortgages under “Sakani” on a monthly basis to achieve the housing program’s targets—one of the Vision 2030 programs —with the goal of raising the home ownership rate among Saudi families to 70% by the end of 2030.
Bin Madhi emphasized the Fund’s role in complementing the housing ecosystem—which includes government agencies, private-sector financing institutions, and real estate development companies—with the aim of facilitating and simplifying the process for citizens through a variety of financing and housing options that enable them to own a home suitable to their aspirations, noting that housing subsidy payments are deposited on the 24th of each Gregorian month.
It is worth noting that the Real Estate Development Fund continues to offer “subsidized loan” services through more than 43 e-services available on the Fund’s website at www.redf.gov.sa.
The Beneficiary Care Center (199088) and social media channels respond to citizens’ inquiries and questions about the subsidized mortgage program and financing solutions around the clock, while the Fund’s branches receive visitors according to scheduled appointments made through the Fund’s website