The Real Estate Development Fund has clarified a number of conditions that must be met for a person to waive the subsidized mortgage loan, and also specified the steps that must be followed until the waiver request is transferred to the Applications Department for processing and consideration, after which the final approval of the subsidized mortgage loan waiver request is made.
Subsidized Mortgage Loan Waiver Conditions
- The applicant must be a first-degree relative only and must meet the housing subsidy conditions as well as the conditions for obtaining a subsidized mortgage loan.
- The financial suitability of this person must exist.
- Papers and documents must be submitted proving that the person to whom you want to assign is able to pay the loan installments on time.
- If the beneficiary's mother is the assignee, proof that she is divorced or widowed must be provided.
- If the sister is the assignee, she must be over 40 years old, single, divorced or widowed.
- According to age, waivers can be made between children and each other .
- A waiver is not allowed for the beneficiary's spouse.
Real Estate Development Fund
The Real Estate Development Fund was established by Royal Decree No. ((M/23)) dated 1394/06/11 AH corresponding to 1974/07/01 AD and started its activities in 1395 AH, a year after its establishment, and its aim was to contribute to the establishment of modern housing and residential complexes in various parts of the Kingdom.
Real Estate Development Fund is headquartered in the Kingdom of Saudi Arabia. The Fund's headquarters is located in Riyadh and is associated with 40 branches and offices spread throughout the Kingdom, and its services cover more than (4700) cities, governorates, centers and migration.
The Fund started with a capital of (250) million riyals and then doubled several times to become the capital of the Fund until the end of the fiscal year 1442/1441 AH to about (190,897,900,000) one hundred and ninety billion eight hundred and ninety-seven million and nine hundred thousand Saudi riyals to make the Fund one of the largest real estate financing institutions in the world, and this is the desire of our wise government to achieve the greatest amount of the ambitions of citizens in providing adequate housing.
The Fund's main headquarters in Riyadh.
