Real Estate Development Fund that more than 58,000 financing contracts were signed as part of the diverse financing and housing options offered by housing support programs across various regions of the Kingdom during the first half of this year.
Mansour bin Madhi, the Fund’s CEO, the Fund’s commitment to enhancing opportunities for “Sakani” beneficiaries to access housing support programs, through a wider range of solutions and options tailored to their needs and financial capabilities to own suitable housing. This is in line with the objectives of the Housing Program—one of the programs under the Kingdom’s Vision 2030—by raising the homeownership rate to 70 percent and providing sustainable housing and financing solutions through the development of supportive regulations and legislation.
He added that the Fund provided credit facilities to approximately 33 percent of all beneficiaries of financing contracts, in accordance with the regulations and procedures of the Guarantees Program and the Soft Mortgage Program.
He explained that the Guarantees Program helped empower 6,000 beneficiaries, while the number of beneficiaries of the “Affordable Mortgage” program exceeded 13,000 during the first half of 2022, praising the regulatory and legislative role of the housing system and the integrated partnership with financing institutions and real estate developers, which have enabled more than 660,000 beneficiaries to benefit from housing support programs, from June 2017 through the end of the first half of 2022.
The Real Estate Development Fund offers nine diverse options, including four subsidized mortgage products and five housing support packages, through more than 43 electronic services, 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” and housing support packages.
