The Real Estate Development Fund announced that more than 520,000 families have benefited from the subsidized mortgage loan program since June 2017 until the end of the first half of this year, including 103,000 families who benefited 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 Madhi, explained that the subsidized mortgage financing program recorded an increase of 11% during the first half of this year, with the signing of more than 103,000 financing contracts compared to 92,000 contracts during the same period in 2020, with a total value of more than 63 billion riyals. He pointed out the Fund's contribution to supporting the real estate supply through financing and housing options provided by the "subsidized loan," where more than 45,000 were able to benefit from the ready-made housing units product, more than 33,000 from the self-build product, while about 12,000 beneficiaries benefited from the housing units under construction product.
He pointed out that the subsidized mortgage finance program recorded the signing of more than 520,000 financing contracts during the period from June 2017 until the end of June 2021, which is equivalent to 60% of the total achieved during the past 40 years, compared to what was achieved 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 its supporting programs and initiatives, which have played a positive role in achieving these accomplishments. These achievements came about through multiple and fruitful partnerships with the housing system and the private sector, including financing entities and real estate development companies, to achieve the objectives of the Housing Program – one of the programs of the Kingdom’s Vision 2030 – with the aim of raising the homeownership rate to 701,000,000 by the end of 2030.” He emphasized the Fund’s commitment to developing its programs in accordance with the desires and aspirations of the beneficiaries of the “Sakani” program from the Ministry of Municipal and Rural Affairs and Housing and the “Real Estate Fund” to enable them to own suitable housing.
It is worth mentioning that the subsidized mortgage loan provides an interest-free loan of up to 500,000 riyals with a profit subsidy 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-build, purchasing ready-made or under-construction housing units, through more than 18 approved financing entities. You can visit the electronic portal www.redf.gov.sa to benefit from 43 electronic services, or contact the call center 199088, or through social media platforms.
Real Estate Fund: 520 thousand Saudi families have benefited from the subsidized mortgage program
