The meeting between the Real Estate Fund management and Saudi banks last week led to some amendments in the offers and bids submitted by the banks regarding financing in the accelerated loan program, and extended the application period to the end of the day on Thursday, and the number of financial institutions entering the accelerated loan program is estimated at about 14 facilities, while the number of citizens applying to the Fund on the condition of land is about 450 thousand citizens.

Talaat Zaki Hafez, Secretary General of the Banking Information and Awareness Committee for Saudi Banks, confirmed that the accelerated loan, if approved in its final form and the agreement to provide it, will be subject in its general form to several considerations like other loans, including the credit policy of each bank or financing entity and the regulation governing the subject of real estate financing, as well as the credit record of the customer benefiting from the loan and the extent of his ability to repay and regularity and the Real Estate Development Fund plays an important role in ensuring profits on the loan for the financing parties.

This is expected to contribute to the contribution of the financial institutions involved in the accelerated loan program. It is expected that this program will contribute to reducing the waiting lists in the lists of those eligible for Real Estate Fund loans, and that the start of the accelerated loan program will contribute to reducing their waiting period to build or buy a housing unit and obtain a mortgage equal to the mortgage loan granted by the Real Estate Development Fund, which is up to 500 thousand riyals.