The number of beneficiaries of the self-construction product who completed all stages reached about 48.6 thousand beneficiaries who submitted certificates of occupancy “Building Completion” out of 150 thousand beneficiaries of the service.

The Real Estate Development Fund confirmed that the financial support has been restored to all beneficiaries who submitted a certificate of completion. The Real Estate Development Fund confirmed that the financial support has been restored to all beneficiaries who submitted a certificate of completion retroactively, while 100,520 beneficiaries are still in the construction stages, which are limited to three years from the date of signing the contract, as part of the ongoing efforts to support beneficiaries to own the appropriate housing and ensure the continuity of monthly support for them.

Mansour bin Madi, CEO of the Real Estate Fund, said that requests for updating the construction stages of beneficiaries were received through the portal and branches from May to the end of last December, praising the speed of interaction of “self-construction” beneficiaries and the submission of the certificate of occupancy “Completion of construction“, noting that the completion of the construction stages confirms the beneficiary's commitment to owning the home and ensures the continuity of monthly support.
Bin Madi stressed that the governance of the financing products aims to ensure that the beneficiary of the self-construction has started the stages of building his home and completed it according to the engineering and technical standards before the expiration of the specified period as stipulated in the financing contract, noting that the housing subsidy regulations and financing contracts with the financing entities emphasize the commitment of the beneficiaries of the self-construction product when signing the financing contract, to start construction within a period not exceeding one year from the date of housing support, and complete it within three years.

Compliance with self-construction conditions

<The CEO of the Real Estate Fund pointed out that the beneficiary must adhere to the conditions of the self-build product, and update the construction stages to complete the construction within three years of signing the financing contract, to ensure the continuity of housing support and not to take action to stop the support, stressing the Fund's keenness to deposit the housing support on time for the beneficiaries of the housing support programs.