<The Real Estate Development Fund (REDF) announced yesterday the introduction of a new mechanism to disburse financing payments and housing support to beneficiaries of the "self-build" and "land and loan" products, who have exceeded 36 months without completing the construction stages of their homes.
The Real Estate Fund explained in a press release that the new mechanism comes within the framework of its keenness to innovate sustainable solutions aimed at addressing the challenges faced by the beneficiaries of "self-build“ and “land and loan” in order to enable them to disburse financing payments, return housing support, and complete the construction stages of their homes easily and easily.
He explained that the mechanism allows beneficiaries to complete the construction stages of their homes up to six payments according to conditions and controls that ensure the continuity of housing support until the verification of full readiness for housing.
He stressed that one of the most prominent conditions for the disbursement of the second installment for “self-build” beneficiaries is the completion of at least 40% of construction stages, while no completion percentage is required for “land and loan” beneficiaries at the time of application, while excluding those who did not disburse the first installment from the requirement to update the construction stages and can benefit from the mechanism.
The Real Estate Fund pointed out that one of the advantages of the mechanism is the retroactive return of housing support to beneficiaries after the disbursement of the financing payment, enabling them to complete the construction of their homes according to their needs, within the framework of a governance and methodology that ensures the achievement of housing readiness, noting the importance of beneficiaries“ commitment to update the construction stages after each payment within a period not exceeding 12 months from the date of disbursement of the financing payment to ensure the continuity of housing support.
The Real Estate Fund concluded its statement by emphasizing that the new mechanism allows beneficiaries wishing to complete the construction of their homes to submit a request to extend the deadline through the Fund's electronic portal via the link: https://portal.redf.gov.sa/service-details/extend-info, to enable them to disburse payments through the financing entities and restore housing support.
The Real Estate Fund explained in a press release that the new mechanism comes within the framework of its keenness to innovate sustainable solutions aimed at addressing the challenges faced by the beneficiaries of "self-build“ and “land and loan” in order to enable them to disburse financing payments, return housing support, and complete the construction stages of their homes easily and easily.
He explained that the mechanism allows beneficiaries to complete the construction stages of their homes up to six payments according to conditions and controls that ensure the continuity of housing support until the verification of full readiness for housing.
He stressed that one of the most prominent conditions for the disbursement of the second installment for “self-build” beneficiaries is the completion of at least 40% of construction stages, while no completion percentage is required for “land and loan” beneficiaries at the time of application, while excluding those who did not disburse the first installment from the requirement to update the construction stages and can benefit from the mechanism.
The Real Estate Fund pointed out that one of the advantages of the mechanism is the retroactive return of housing support to beneficiaries after the disbursement of the financing payment, enabling them to complete the construction of their homes according to their needs, within the framework of a governance and methodology that ensures the achievement of housing readiness, noting the importance of beneficiaries“ commitment to update the construction stages after each payment within a period not exceeding 12 months from the date of disbursement of the financing payment to ensure the continuity of housing support.
The Real Estate Fund concluded its statement by emphasizing that the new mechanism allows beneficiaries wishing to complete the construction of their homes to submit a request to extend the deadline through the Fund's electronic portal via the link: https://portal.redf.gov.sa/service-details/extend-info, to enable them to disburse payments through the financing entities and restore housing support.
