The Real Estate Development Fund announced today that it has deposited 970 million riyals into the accounts of beneficiaries of “Sakani” program from the Ministry of Municipal, Rural Affairs, and Housing and the ”Real Estate Fund” for the month of November 2023, as part of efforts to improve beneficiaries’ ability to afford suitable housing, in line with the objectives of the Housing Program, one of the Kingdom’s 2030 programs.
The Fund’s CEO, Mansour bin Madi, explained that total subsidies for November amounted to 970 million riyals, which was allocated to subsidize profits on mortgage financing contracts. He noted that the total amount deposited into Sakani beneficiaries’ accounts from the announcement of the Transformation Program in June 2017 through November 2023 reached approximately 53.9 billion riyals.
Bin Madi said that the Real Estate Fund has made available a financing solution with a lower financing profit margin of up to 2.59% for beneficiaries of the self-build product for a limited period, in partnership with Al Rajhi Bank, First Saudi Bank, and Al-Bilad Bank, in addition to the benefits of the updated housing support program, which offers more solutions and benefits for owning suitable housing, noting that among the other financing benefits is an increase in the down payment percentage to 25% upon signing the financing contract, which helps address the challenges faced by beneficiaries of the self-build program and enables them to cover the initial costs of building their homes.
It is worth noting that the Real Estate Development Fund provides housing support program services through more than 43 digital services via the Fund’s online portal, the real estate advisor service, and self-service kiosks at all its branches, available 24 hours a day, while the unified call center at 199088 and social media channels respond to beneficiaries’ inquiries and questions.
