Real Estate Development Fund revealed that 18,500 beneficiaries benefited from the “lowest profit margin financing solution” during the period from September 2023 until the end of the first quarter 2024.
The financing solution provided the lowest competitive profit margin in the mortgage market in the Kingdom for “Residential” beneficiaries. The financing solution offered the lowest competitive profit margin in the real estate finance market in the Kingdom to “Residential” beneficiaries with the support of the Real Estate Fund in partnership with a number of financing entities, giving beneficiaries of under-construction housing units and ”self-build” a competitive opportunity to sign their financing contracts with the lowest profit margin to own their homes.
The CEO of the Real Estate Fund said that the lowest profit margin financing solution was offered to 18,500 beneficiaries during the period from September 23 to the end of the first quarter of 2014. <Mansour bin Madi, CEO of the Real Estate Fund, said: “The financing solution - the lowest financing profit margin of 2.59% - came with the aim of reducing the burden of financing on beneficiaries and enabling them to own their homes easily in light of the high interest rates and costs of real estate financing,“ indicating that the financing solution enabled 18,500 thousand beneficiaries to sign their financing contracts during the period from September 2023 to the end of the first quarter 2024.
Mansour Bin Madi, CEO of the Real Estate Fund, said that the financing solution has enabled the beneficiaries to sign their financing contracts during the period from September 2023 to the end of the first quarter 2024. Bin Madi added that the financing solution comes as an extension of the Fund's pioneering role in finding solutions that support and address financing challenges to facilitate the beneficiaries“ ownership journey in line with their financing capabilities and actual needs to achieve the objectives of the housing program, one of the programs of the Kingdom's Vision 2030.
The CEO of the Real Estate Fund said that as part of the ongoing efforts with the housing system in partnership with a number of financing entities, the ”Lowest Finance Profit Margin" financing solution came to enhance the chances of owning 12,500,000 beneficiaries of the under-construction housing units product and due to the increasing demand for the financing solution, the opportunity was provided to about 6,000 beneficiaries of the self-build product, noting that the Fund has made available to benefit from financing solutions and benefits besides the lowest financing profit margin, including immediate non-refundable support up to 150 thousand riyals.
Bin Madhi pointed out that the Fund has made it possible to benefit from financing solutions and benefits besides the lowest finance profit margin including immediate non-refundable subsidies of up to 150 thousand riyals. Bin Madi pointed out that the Fund offered the lowest financing solution in the real estate finance market in partnership with Al Rajhi Bank, the National Bank of Saudi Arabia, Al Balad Bank and Alinma Bank, with the aim of achieving efficiency and effectiveness in providing possible financing solutions for the ownership of suitable housing.
Bin Madi pointed out that the Fund provided a financing solution that is the lowest in the market. It is noteworthy that His Excellency the Minister of Municipalities and Housing, Chairman of the Board of Directors of the Real Estate Development Fund, Mr. Majid Al Haqeel, launched on the sidelines of Cityscape Global in September 2023 the financing solution with the lowest financing profit margin up to 2.59%.
He launched the financing solution on the sidelines of the Cityscape Global exhibition in September 2023.
