Launched Real Estate Development Fundan e-service on August 3, 2024, that allows beneficiaries of the“Self-construction“The Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate Development Fund, Majid Al-Haqeel, issued a directive to grant an additional period of up to 16 months for beneficiaries of the self-construction product, land and loan who have exceeded the statutory period and have not completed the construction stages of their homes to apply for an extension to be able to disburse their financing payments, following the issuance of the directive of His Excellency the Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate Development Fund.

The Real Estate Fund explained that the additional deadline for disbursement of Financing payments This additional grace period aims to enable beneficiaries to cover the costs of building their homes and give them additional time to correct and complete the construction stages in accordance with the required engineering and technical specifications in order to achieve the objectives of the housing program.

The beneficiaries of this service are beneficiaries of the self-construction product and the land and loan product who have exceeded the statutory period of 36 months and have not completed the construction stages of their homes, he said, noting that the application period starts on August 4 and ends on November 2

Additional information

• The beneficiary must apply for the disbursement of financing payments through the online portal.
• The beneficiary must commit to updating the milestones before applying for a payment grace period.
• After receiving the confirmation letter, the beneficiary goes to the financing entity to benefit from the disbursement of the payments.
• The reinstatement of the housing subsidy resumes after the application is accepted and the first financing payment is disbursed by the approved financing entities.
• Retroactive reinstatement of housing subsidies after the completion and readiness of housing construction.
• The beneficiary is obliged to continuously update the milestones during the additional grace period for the disbursement of financing payments to ensure the continuation of housing support.
• The beneficiary is not entitled to claim payments or housing subsidies after the application deadline.