The director of the Real Estate Development Fund, Engineer Youssef Al-Zaghibi, confirmed that the accelerated loan is expected to be launched after the Eid al-Fitr holiday, noting that discussions with local banks are nearing a satisfactory agreement, while ensuring that the accelerated loan product complies with Sharia law.
Al-Zaghibi revealed the possibility of launching programs in collaboration with government sectors to provide loans to their employees for building their own homes, noting that during the Fund’s recent meetings, the accelerated loan program was limited to local banks and specialized Saudi real estate finance companies.
In addition, the Real Estate Development Fund held two meetings with finance officials from banks and mortgage finance companies, during which a working group was formed, headed by the Fund’s Director General; bringing together the Fund’s management and representatives from several banks to develop appropriate mechanisms for offering the accelerated loan in a manner consistent with the Fund’s regulations and the policies of the financing institutions, in accordance with Sharia principles.
