Real Estate Development Fund today that it has deposited more than 839 million riyals into the accounts of citizens who are beneficiaries of the “Sakani” program for March 2022, continuing the Fund’s efforts to support mortgage loans for first homes for Saudi families.
Mansour bin Madi, the Fund’s CEO, explained that the total amounts were allocated to support the returns on subsidized mortgage contracts, noting at the same time that the total deposited into the accounts of “Sakani” since the announcement of the Transformation Program in June 2017 through March 2022 amounted to approximately 36 billion riyals.
The CEO of the Real Estate Development Fund emphasized the Fund’s commitment to continuing housing support through the diverse financing and housing options provided by the subsidized mortgage program and other supporting programs designed to facilitate and simplify the process of home ownership for citizens.
Mansour bin Madi stated that the synergy between the financing and housing efforts undertaken by the housing system in partnership with financial institutions, in addition to the automation of electronic services, has contributed to providing support on schedule, accelerating the pace of homeownership, and streamlining procedures, with the aim of increasing the homeownership rate to 70 percent by 2030, in line with the targets of the “Saudi Vision 2030“ programs, and to provide sustainable housing and financing solutions through the development of supportive systems and legislation.
It is worth noting that the Real Estate Development Fund offers ”subsidized mortgage“ services through more than 43 e-services on the Fund’s website, in addition to the real estate advisor service and 24-hour self-service kiosks at the Fund’s branches. The unified call center and social media channels also respond to beneficiaries” inquiries and questions regarding “subsidized loans.”
