The Real Estate Development Fund signed a partnership agreement with Al-Bilad Bank to implement the financing solution “Your Support Equals Your Installment” for residential units under construction, in the presence of His Excellency Majid bin Abdullah Al-Hogail, Minister of Municipalities and Housing and Chairman of the Board of Directors of the Real Estate Development Fund.
The agreement aims to provide a financing solution for beneficiaries of residential units under construction; and to ease the financial burden on beneficiaries during the construction phase of their homes, in line with the objectives of the housing program. The agreement was signed on behalf of the “Real Estate Development Fund” by CEO Mansour bin Madi, and on behalf of “Al-Bilad” by CEO Abdulaziz Al-Anizan.
The CEO of the Real Estate Development Fund Mansour bin Madi stated that the “Your Support Equals Your Installment” financing solution is one of the supportive financing solutions aimed at alleviating the financial burden and rental costs on beneficiaries of the residential units product during the construction phases of their residential units until delivery, noting the ongoing strategic partnership with “Al-Bilad” and other financing entities in providing competitive financing and housing solutions that ensure efficiency and effectiveness, and enhance opportunities for “Sakani” home ownership of suitable housing.
Bin Madhi added that the financing solution offers a competitive advantage that meets the actual needs and desires of buyers to own a unit under construction with a monthly installment equal to the monthly housing subsidy amount or a monthly installment of up to 400 riyals until the the residential unit—in the case of utilizing the down payment support package—and within a maximum period of 3 years from the date of signing the financing contract, emphasizing the Fund’s commitment to providing competitive financing solutions and benefits that facilitate the homeownership journey for beneficiaries of housing support programs in accordance with their actual needs and desires to own suitable housing.
The CEO of the Real Estate Development Fund stated, that, in addition to the competitive financing solution for beneficiaries of the “residential units under construction” product, the Fund provides immediate, non-repayable support of up to 150,000 riyals, along with the benefits of the housing support program—such as in-kind support, guarantee programs, subsidized mortgages, and the government’s coverage of real estate transaction taxes for citizens purchasing their first home, up to a maximum of one million riyals of the residential unit’s value.
It is worth noting that the Real Estate Development Fund provides this financing solution to beneficiaries of the “Residential Units Under Construction” program, which are built on land owned by the Ministry of Municipalities and Housing or through real estate developers in various regions of the Kingdom.
