The Real Estate Development Fund adopted a number of decisions at its regular meeting recently, chaired by Issam bin Saeed, Acting Minister of Housing and Chairman of the Fund's Board of Directors, including approving the executive regulations for investment loans, and raising the age of the virtual building to (25) years for all those eligible for a residential mortgage loan after verifying the technical requirements of the building.
Additional units.
Additional units The decisions adopted by the Fund's Board of Directors also included allowing those who wish to build one or more additional housing units on their building previously financed with a loan from the Fund to be in the name of a child or relative who has been approved for the loan to apply his loan to it.
The Fund also approved granting a group of borrowers joint loans on one land to build several housing units on it, which will later be sorted by a deed for each unit separately in the name of its owner borrower, in addition to approving the financing of the Fund's loans with the (off-plan sale) system to enable those approved for the loan to buy housing units on the map from qualified developers on the program, and the Fund will finance the construction not exceeding the value of the loan and disburse payments in the (escrow) account designated for that according to the Fund's payment system. The Fund also agreed to approve the financing of loans for a group of borrowers on one land to build several housing units on it.
Early Home Ownership The Fund explained in a statement that its Board of Directors also approved the implementation of the (Early Home Ownership) program, which enables borrowers on the waiting list who are expected to be approved in the coming years (no more than 3 years) to buy a housing unit from developers, whether ready or off-plan, and the Fund guarantees the payment of the loan value to the seller when the loan is approved. <span style="p2
The Fund also approved the assignment of the (loan application) submitted to the Fund from one person to another person who is related to the applicant in the first degree (parents, children and brothers) who meet the conditions of the loan if there are humanitarian reasons for this.
Important stage Youssef Al-Zughaibi, Vice Chairman of the Board of Directors and General Manager of the Fund, said in a statement: With these decisions, the Fund has entered an important stage in its career to contribute effectively to the realization of the vision of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud - may God protect him - to provide suitable housing for every citizen, pointing out that the Fund has enjoyed throughout its journey permanent care and continuous support from the rulers of this blessed country - may God protect them - which had a great impact in enhancing the Fund's developmental role and helping it to achieve the development goals set for the housing sector.
