His Excellency the Minister of Municipalities and Housing Chairman of the Board of Directors of the Real Estate Development Fund, Mr. Majid bin Abdullah Al-Hogail, to grant an additional grace period of up to 16 months to beneficiaries of the “Self-Build” and ”Land and Loan” programs who have exceeded the statutory 36-month period and have not completed the construction phases of their homes, to enable them to receive financing installments from approved financing entities.

The the Real Estate Fund that it will begin accepting applications from beneficiaries starting next Sunday, August 4, through the financing payment service on the Fund’s online portal, urging beneficiaries to complete the construction of their homes according to the new deadline and to update their construction progress when submitting applications and receiving financing installments, with the aim of ensuring continued housing support.

The Real Estate Development Fund clarified that the additional deadline is part of the efforts by His Excellency the Minister, the Housing Program, and the Real Estate Fund to enable beneficiaries of the self-build and “Land and Loan” programs to complete the construction phases of their homes, noting that the extension granted to beneficiaries ranges from 4 to 16 months, depending on the stage of construction of their homes.

It should be noted that the housing support regulations, in addition to the contracts with financing entities, stipulate that beneficiaries of the self-build program and “Land and Loan” program must, upon signing the financing contract, begin construction within one year of the housing subsidy date and complete construction within three years.