The Real Estate Development Fund announced the launch of a new initiative entitled " Your support equals your installment ” with the aim of enhancing the ability of citizens to own housing units under construction, in line with the objectives of the housing program within the Kingdom’s Vision 2030.
The fund explained in the following video, which it posted on its social media account "X", the mechanism for benefiting from the financing solution: your support equals your installment during the period of building the home.
Learn how to benefit from the # financing solution. Your support equals your installment during your home construction period . #: More solutions and benefits. pic.twitter.com/EcyZejKyQr
— Real Estate Development Fund (@redfksa) June 30, 2024
Objectives and Features of the Initiative
Easing the financial burden: The initiative aims to reduce the financial strain on citizens during the construction of their housing units. This is achieved by covering their monthly installment with the housing support amount or by allowing them to pay a nominal monthly installment of 400 riyals until the unit is received.
Flexible options: The initiative offers two options for beneficiaries:
- Option 1: Pay a monthly installment equivalent to the value of the housing support.
- The second option: Pay a symbolic monthly installment of 400 riyals until the unit is received, while benefiting from the down payment support package.
Strategic partnership: This initiative is the result of cooperation between the Real Estate Development Fund and Bank Albilad, enabling the provision of competitive financing solutions that meet the needs of citizens.
Additional benefits
In addition, beneficiaries of the “Sakani” program can take advantage of the “Your Support Equals Your Installment” initiative. This initiative offers a range of additional benefits such as in-kind support, a guarantee program, affordable mortgages, and the government covering the real estate transaction tax for citizens purchasing their first home.
Conditions for benefiting from the initiative
To benefit from this initiative, applicants must meet the following conditions:
- To be of Saudi nationality.
- He must not have previously benefited from any housing support programs.
- He must have a monthly salary sufficient to pay the remaining installments for the housing unit.
- To meet the conditions of the “Sakani” program.
This initiative comes as part of the Kingdom's efforts to achieve the goals of Vision 2030, which aims to provide suitable housing for every citizen and strengthen the real estate sector in the Kingdom. " Your Support Equals Your Installment " is a significant step towards achieving these goals by providing innovative and comprehensive financing solutions that meet citizens' needs and alleviate their financial burden.
