The accelerated loan program covers all citizens and segments of workers in various government and private sectors who have minimum salaries of up to 6,000 riyals, with the waiting list for the accelerated loan expected to reach 200,000 within just 10 years.
This was revealed by the Director General of the Real Estate Development Fund, Engineer Yusuf bin Abdullah Al-Zaghibi, who noted that the loan program will be launched during the current year, 2015, He noted that the specific launch date will be determined during a closed-door meeting with local banks, away from the media, to hear the banks" perspectives on the loan program. He added that the Fund will work to expedite the launch of the loan quickly, free from the restrictions and conditions sometimes required, noting that the accelerated loan is similar to other private loans, particularly regarding the forgiveness of the deceased’s debts.
On the sidelines of the press conference recently held by the Real Estate Development Fund in Riyadh, Al-Zaghibi explained that there is a program and initiative the Fund will work to launch in the future, consisting of a »Development Investment Loan« by providing a loan to landowners to develop their properties. He noted that the »Investment Loan" will initially target six cities: Riyadh, Makkah, Jeddah, Dammam, Al-Khobar, and Madinah, after which it will expand to other cities and provinces. He confirmed that the Fund will launch a number of its websites this weekend, via social media platforms, in addition to a dedicated YouTube channel for the Fund, to keep citizens informed of the Fund’s latest programs and news.
Al-Zaghibi explained that the citizens on the Real Estate Fund’s waiting list fall into two categories; The first consists of those awaiting approval, for whom the approved amounts have not yet been disbursed, numbering 435,000, and the second consists of those for whom disbursement has been approved but who have not yet completed their documentation, numbering 125,000. He noted that the fund is ready to disburse funds directly to this group at any time once they visit the fund, pointing out that the approved and allocated funds for these initiatives are ready and there are no delays.
