Riyadh- Mohammed Jamous: Mortgage Guarantee Program, an initiative of the Real Estate Development Fund, has set 7 conditions and requirements to transfer the loan application to a completed building with a guarantor system, the conditions are:

• Approval issued.
• Defect-free, fully completed and ready for occupancy.
• The property is no more than twenty years old.
• Not previously mortgaged to the Fund more than once.
• The building is fifteen (15) years old:

Citizen's summons to the Fund.

Case study of the property within 60 days.

Filling out the 20% deduction acknowledgment form from the loan value.

Filling out the 20% deduction acknowledgment form.

• Seller's overdue installments with the Real Estate Development Fund prevents the application from being accepted.
• If there is more than one owner of the property, a power of attorney must be assigned to one of them to sell and collect the price.

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3 special cases in the Damanat program

The program revealed some of the requirements for special cases of a loan to move an application into a completed building with a guarantor, the cases are:

First Case

If the borrower is a “buyer” (unemployed woman - orphans - heirs), the following additional documents must be brought:

Filling out the sponsorship form

<Photo of the sponsor's card. Salary information for the sponsor.

<3 months account statement for the sponsor if his salary is more than 5000 riyals.

Summa Declaration for the sponsor.

Second Case

If the borrower's salary is less than 5000 SAR, proof of income must be brought from official bodies stating the level of income.

The third case:

If the borrower is unemployed, a one-year statement and any other proof of ability to pay the fund installment is required.

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Mortgage Guarantee Program

116K beneficiaries

Reducing the percentage of the down payment of the property value from 10% to 5%.

Reducing the percentage of the down payment of the property value from 10% to 5%.

120 thousand SAR maximum payment.