Revealed Real Estate Development Fund The number of military beneficiaries registered on the lists of the Ministry of Housing and the Real Estate Development Fund exceeded 10,000 beneficiaries of the mortgage loan program, as the Council was briefed on the progress of the initiative “Subsidized housing loans for military personnel This came during the Board's meeting held the day before yesterday, chaired by Minister of Housing and Chairman of the Board Majid bin Abdullah Al-Hogail, where the Board was briefed on an update on the number of beneficiaries of the mortgage loan program since the beginning of 2018 until now, amounting to 62,841 beneficiaries.

Enabling Saudi women to buy financed real estate

The Board of Directors of the Fund approved several decisions, including the approval of “enabling Saudi women to purchase the property financed by a loan from the Fund” and replacing the original borrower, without the condition of being the breadwinner of her family or married, a decision that aims to support Saudi women and enable them to own a home in their name, reinforcing the directions of the “Housing” program to raise the percentage of Saudi home ownership to 60 % by the end of 2020 and 70 % by 2030.

The Board of Directors of the Real Estate Development Fund approved the update of the Fund's next strategy aimed at accelerating home ownership.

Mortgage Loan Transfer

The council also approved “transferring the mortgage from one property to another”, whether inside or outside the city where the loan was made, with the loan amount remaining the same.

It also approved “transferring the mortgage from a property whose construction has not been completed and whose payments have not been completed to a property that has been completed and is ready for housing for those who have proven health conditions that prevent them from completing construction.” In addition to approving “the transfer of loan applications whose owners have been approved” and wish to transfer them to one of their relatives provided that the Fund's conditions apply to them, the decision to transfer the loan application still on the waiting list from “the name of the martyr or the deceased” to one of his heirs or a first degree relative was also approved.

Board of Directors Meeting Decisions Real Estate Development Fund

• Adoption of the Fund's next strategy update aimed at accelerating home ownership for citizens.
• Approval of enabling Saudi women to purchase a property financed with a loan from the Fund and replace the original borrower.
• The board approved “transferring the mortgage from one property to another”.
• Approval to “transfer the mortgage from a property whose construction has not been completed and whose payments have not been finalized to a property that has been completed and is ready to be inhabited.
• Approval to “transfer loan applications that have been approved” and wish to transfer them to one of their relatives, provided that they meet the Fund's conditions.
• Approve the decision to transfer the loan application that is still on the waiting list from “the name of the martyr or the deceased” to one of his heirs or first-degree relatives.
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