The Real Estate Development Fund clarified the beneficiary's position regarding mortgage regarding the repayment of installments upon his death, in response to one of the inquiries it received.
The Real Estate Development Fund’s Customer Care account received a question from a follower, who said: “Good evening… My father passed away two weeks ago and still has installments due to you. Is he exempt from repayment?”
In response, the Real Estate Fund replied: “Greetings, dear beneficiary… You may submit and track a request for a deceased person’s exemption via the Real Estate Development Fund’s website using the following link: Click here. Submit the application through the applicant’s national portal and then fill in the deceased’s information… We appreciate your contact.”
As explained by Real Estate Development Fund, there are certain cases where individuals are exempt from paying installments on mortgage installments. One such case is the death of the loan beneficiary, in which case the exemption is granted by following these steps:
First, visit the Real Estate Development Fund website.
Second, click on the "E-Services" button.
Third, click on the "Deceased Exemption" button.
Fourth, submit the application and wait for approval.
Finally, the Real Estate Development Fund Authority approves the exemption request, and the unpaid installments are waived in cooperation with the relevant authorities.
Real Estate Development Fund
The Real Estate Development Fund was established by Royal Decree No. (M/23) dated 11/06/1394 AH11 AH, corresponding to July 1, 1974 AD, and began operations in 1395 AH, one year after its establishment. The purpose of its establishment was to contribute to the construction of modern housing and residential complexes throughout the Kingdom.
The Fund’s headquarters are located in Riyadh, and it has 40 branches and offices spread across various regions of the Kingdom. Its services cover more than 4,700 cities, provinces, centers, and districts.
The Fund began with a capital of 250 million riyals, which then multiplied several times, bringing the Fund’s capital by the end of the fiscal year 1441/1442 AH to approximately (190,897,900,000) one hundred ninety billion, eight hundred ninety-seven million, nine hundred thousand Saudi riyalsmaking the Fund one of the largest mortgage finance institutions in the world, in line with our wise government’s desire for the Fund to fulfill the greatest possible number of citizens" aspirations for adequate housing.
Strategic Objectives:
- Contribute to the achievement of the plans and objectives of the National Housing Strategy.
- Support real estate financing and investment through effective partnerships with the public and private sectors.
- Increasing the supply of housing products in terms of both quantity and quality.
- Ensuring access to housing products of appropriate quality and at the right time.
