The Shura Council Calls for the Release of Mortgages on the Homes of Deceased Individuals

The Shura Council called on the Real Estate Development Fund to adopt the term (residential lease-to-own) when launching a product (usufruct-to-own) to ensure clarity of terminology in accordance with established custom and practice, and called on the Shura Council urged the Fund to include in its upcoming annual reports details and clarifications regarding issues related to direct loans and the measures taken to address them to avoid such issues in the future, particularly those concerning the rights of citizen beneficiaries, emphasizing the importance of the Fund coordinating with the relevant authorities to secure its own headquarters and reduce the number of rented buildings.

In its resolution, the Council urged the Fund to expedite the release of mortgages on private residences whose owners have passed away, in order to clear the debt in accordance with the two royal decrees issued in this regard, and not to link the completion of exemption procedures to the payment of compensation by the Ministry of Finance, an additional recommendation by Council member Ahmed Al-Yahya, the substance of which was adopted by the Housing and Services Committee.