The Real Estate Development Fund has launched a new electronic service that allows beneficiaries of the ”Self-Build” and "Land and Loan" products who have exceeded the statutory period of 36 months and have not completed the stages of building their homes to submit a request to extend the deadline so that they can receive their financing payments. This comes after the issuance of a directive by His Excellency the Minister of Municipalities and Housing, Chairman of the Board of Directors of the Real Estate Development Fund, Majid Al-Hogail, to grant an additional deadline of up to 16 months to beneficiaries of the Self-Build and Land and Loan products who have exceeded the statutory period and have not completed the stages of building their homes.
The Real Estate Development Fund explained today that the electronic service allows the beneficiary to apply electronically within a maximum period of 90 days starting from today, through the extension request service on the Fund’s electronic portal at the link (https://portal.redf.gov.sa/service-details/extend-info), adding that the electronic service is only available to beneficiaries of the self-build and land and loan products, who have exceeded the statutory period of 36 months from the date of signing the financing contract and have not completed the construction stages.
He added that the benefit of the extension of the disbursement of financing payments is conditional on the beneficiaries of the self-build and land and loan products who have exceeded the statutory period of 36 months from the date of signing the financing contract and have not completed the construction stages.
The Real Estate Development Fund stressed the importance of the beneficiary’s commitment to updating the stages of completion before applying for the extension service, indicating that upon acceptance of the extension request, the beneficiary will be notified of the due deadline, which ranges from 4 months to 16 months, to complete the stages of building the housing and to approach the financing entity to begin disbursing the financing payments. The beneficiary will also be notified of the status of the housing support reinstatement.
The Fund stressed to the beneficiaries of the grace period the importance of directly completing the construction and modernization phases electronically when disbursing each payment and on a periodic basis until the housing is completed and ready; in order to ensure the benefit of the grace period, the disbursement of financing payments and the continuity of housing support, noting that the beneficiary is not entitled to submit a request to extend the grace period after 90 days have passed from the date of launch of the service.
It is worth mentioning that the Real Estate Development Fund provides housing support program services electronically through the Fund’s electronic portal, while the unified call center 199088 and social media channels respond to beneficiaries" inquiries and questions around the clock.
# Your chance has come to take advantage of the grace period for disbursing financing payments to complete the construction phases. Update your data and submit your request through the grace period extension request service.
Apply now: https://t.co/8W687C6ZKy pic.twitter.com/A6Qf0yXcIt
— Real Estate Development Fund (@redfksa) August 4, 2024
