Reports have revealed that some commercial banks and financial institutions will begin submitting their competitive bids to the Real Estate Development Fund in the coming days to provide accelerated loans to eligible male and female citizens who wish to obtain them.

The Real Estate Development Fund is expected to cover the 30% down payment required by the financing institutions as collateral for the loans of citizens wishing to obtain them, in the event that the Fund and the banks fail to reach a solution with the Saudi Arabian Monetary Authority (the Central Bank) on this matter.

The Real Estate Development Fund’s Board of Directors recently approved the launch of the accelerated loan program, The Fund had held a meeting with bank executives, and a working group was formed comprising the Fund’s management and representatives from several banks to develop appropriate mechanisms for implementing this initiative in accordance with the Fund’s regulations and the banks’ regulations and policies regarding real estate financing.