The director of the Real Estate Development Fund, Engineer Youssef Al-Zaghibi, predicted that the number of beneficiaries of the accelerated loan would range between 200,000 and 300,000 people, based on the figures currently under the Fund’s purview and on the waiting lists. Al-Zaghibi set a deadline for implementation before the end of this year, explaining that financing entities submitted competitive bids for the accelerated loan—including interest rates—to the committee at the beginning of this month. He noted that this does not preclude the participation of all financing entities in the accelerated loan program, At the same time, he ruled out the participation of Gulf banks in this program.

Engineer Al-Zaghibi linked the beneficiary’s financial solvency to the approval of the financing entities, not the fund, noting that the fund will cover the interest payments on the loans to be provided to citizens, while the beneficiary is responsible for repaying the principal amount of the loan, in accordance with the agreed-upon monthly installments. He explained that accelerated loans are insured in the event of death, just like commercial bank loans, as the beneficiary’s debt to the Fund or the banks is forgiven upon their death, and this is one of the Fund’s initiatives.

The director of the Real Estate Fund stated that beneficiaries will be scheduled to prevent price inflation and avoid disrupting the real estate market in the coming period, noting that the committee working on approving the accelerated loan decided that grants should be made through two tracks: the first track has a repayment period of ten years, while the second track has a repayment period of fifteen years.