As part of efforts to facilitate beneficiaries and help them complete the construction of their homes, Real Estate Development Fund launched a new financing mechanism aimed at addressing the challenges faced by some participants in the self-build and land and loan programs, who could not complete the construction stages within the specified period of time. What is this mechanism? What are its conditions? What are the benefits it offers to beneficiaries? Here are the details in the ”What do you know about?"
What is the goal of the new mechanism?
This mechanism aims to provide practical and sustainable solutions to overcome the obstacles faced by some beneficiaries who have exceeded 36 months without completing the construction stages, by enabling them to resume the disbursement of financing payments and regain housing support to complete their housing projects smoothly.
The new mechanism aims to provide practical and sustainable solutions to overcome the obstacles faced by some beneficiaries who have exceeded 36 months without completing the construction stages.
How does the mechanism work?
The mechanism allows the disbursement of up to 6 financing payments, disbursed according to specific terms and conditions, to ensure the continuity of housing support until the dwelling is fully ready for occupancy. The mechanism allows for the disbursement of up to 6 financing payments, disbursed according to specific terms and conditions.
What are the basic conditions for the disbursement of payments?
For Self-Build beneficiaries: At least 40% of construction must be completed for the second payment to be disbursed.
For "Land and Loan" beneficiaries: A certain percentage of completion is not required at the time of application.
Beneficiaries who did not receive the first installment can benefit from the mechanism without the requirement to update the construction phases.
What are the main benefits?
Retroactive re-disbursement of the housing subsidy after the disbursement of the financing payment.
Flexibility to complete construction.
Flexibility in completing construction according to the needs of beneficiaries, within a clear methodology to ensure housing readiness.
Flexibility in completing construction according to the needs of beneficiaries, within a clear methodology to ensure housing readiness.
The possibility of extending the time limit for completing the construction by submitting the application electronically.
The possibility of extending the time limit for completing the construction by submitting the application electronically.
What is required of beneficiaries to ensure benefit?
The construction phases must be updated after the disbursement of each payment, within a period not exceeding 12 months from the date of disbursement, to ensure continued access to housing support.
How to apply for the extension of the deadline?
Through the online portal of the Real Estate Development Fund via the following link:
https://portal.redf.gov.sa/service-details/extend-info
The mechanism allows for the disbursement of up to 6 financing payments, disbursed according to specific terms and conditions.
What are the basic conditions for the disbursement of payments?
For Self-Build beneficiaries: At least 40% of construction must be completed for the second payment to be disbursed.
For "Land and Loan" beneficiaries: A certain percentage of completion is not required at the time of application.
Beneficiaries who did not receive the first installment can benefit from the mechanism without the requirement to update the construction phases.
What are the main benefits?
Retroactive re-disbursement of the housing subsidy after the disbursement of the financing payment.
Flexibility to complete construction.
Flexibility in completing construction according to the needs of beneficiaries, within a clear methodology to ensure housing readiness.
Flexibility in completing construction according to the needs of beneficiaries, within a clear methodology to ensure housing readiness.
The possibility of extending the time limit for completing the construction by submitting the application electronically.
The possibility of extending the time limit for completing the construction by submitting the application electronically.
What is required of beneficiaries to ensure benefit?
The construction phases must be updated after the disbursement of each payment, within a period not exceeding 12 months from the date of disbursement, to ensure continued access to housing support.
How to apply for the extension of the deadline?
Through the online portal of the Real Estate Development Fund via the following link:
https://portal.redf.gov.sa/service-details/extend-info
The construction phases must be updated after the disbursement of each payment, within a period not exceeding 12 months from the date of disbursement, to ensure continued access to housing support.
How to apply for the extension of the deadline?
Through the online portal of the Real Estate Development Fund via the following link:
https://portal.redf.gov.sa/service-details/extend-info
https://portal.redf.gov.sa/service-details/extend-info
