The Real Estate Development Fund announced that more than 520 thousand families have benefited from the subsidized mortgage program since June 2017 until the end of the first half of this year, including 103 thousand families benefiting from the financing and housing options of the “subsidized loan” during this year from January until the end of June 2021.
The CEO of the Real Estate Development Fund, Mansour bin Madi, explained that the subsidized mortgage program recorded an increase of 11% during the first half of this year by signing more than 103 thousand financing contracts compared to 92 thousand contracts during the same period of 2020, with a total value of more than 63 billion He pointed to the Fund's contribution to supporting the real estate supply through financing and housing options provided by the “subsidized loan”, where more than 45 thousand were able to benefit from the ready-made housing units product, and more than 33 thousand from the self-construction product, while about 12 thousand beneficiaries benefited from the product and housing units under construction.
The subsidized mortgage program recorded the signing of more than 520 thousand financing contracts during the period from June 2017 to the end of June 2021, which is equivalent to 60% of the total achieved during the past 40 years compared to what was done after the transformation in the last four years only.
The CEO of the Fund said:” The total number of subsidized financing contracts achieved since its launch in 2017 confirms the confidence of Saudi families in the “Subsidized Loan” program and the supporting programs and initiatives that have played a positive role in achieving these achievements, which came in multiple and fruitful partnerships with the housing system and the private sector from financing entities and real estate development companies. He stressed the Fund's endeavor to develop its programs according to the desires and aspirations of the beneficiaries of the “Residential” program from the Ministry of Municipal and Rural Affairs and Housing and the Real Estate Fund to enable them to own the appropriate housing.
It is noteworthy that the subsidized mortgage loan offers a good loan of up to 500 thousand riyals with subsidized profits of up to 100%, through financing and housing solutions that suit the needs and financial capabilities of citizens It also provides a number of housing options, including self-construction, purchase of ready-made or under-construction housing units, through more than 18 accredited financing entities, and can visit the portal www.Redf.gov.sa to benefit from 43 e-services, or call the call center 199088, or through social media platforms.
