{"id":22735,"date":"2018-11-27T12:57:48","date_gmt":"2018-11-27T09:57:48","guid":{"rendered":"https:\/\/www.amlak.net.sa\/home\/?p=22735"},"modified":"2018-11-27T12:57:48","modified_gmt":"2018-11-27T09:57:48","slug":"%d9%82%d8%b1%d9%88%d8%b6-%d8%a7%d9%84%d8%b5%d9%86%d8%af%d9%88%d9%82-%d8%a7%d9%84%d8%b9%d9%82%d8%a7%d8%b1%d9%8a","status":"publish","type":"post","link":"https:\/\/amlak.net.sa\/en\/22735\/","title":{"rendered":"More than 25 billion riyals of investments by the Real Estate Fund Self-building is on the rise\u00a0"},"content":{"rendered":"

The rate of Self-construction<\/a>, which has become a new and modern trend in the field of residential construction, given the scale of the funds that have been disbursed Real Estate Development Fund<\/a>Since the beginning of the year, approximately 40,000 loans have been actually funded, and the number of mortgage loans is increasing daily; we are expected to reach 700 loans per week in the coming period, while the Real Estate Development Fund\u2019s investments have now exceeded 25 billion riyals.<\/p>\n

Rise in Self-Build Figures<\/h3>\n

Khalid bin Muhammad Al-Amoudi, General Supervisor of the Real Estate Development Fund, explained that self-construction accounts for more than 15 percent of these figures, and he expects self-construction figures to rise in the coming period, especially now that two major banks have expanded self-construction programs to all cities across the Kingdom.<\/p>\n

Al-Amoudi said: \u201cThe amount of funds the fund is investing during the current period exceeds 25 billion riyals, and the goal is to provide support to citizens,\u201d noting that many citizens might ask: \u2018Why not distribute these funds to citizens the old way and let the fund continue operating under its old system?\u2019 Al-Amoudi responds to this question by saying: \u201cThe old system would serve only a small number of people compared to the figures in the fund, which amount to 500,000\u2014as opposed to the Ministry of Housing\u2019s figures, which exceed 1,100 million and 100,000 citizens, and we, for our part, strive to resolve every issue citizens face with the financing agencies.<\/p>\n

Referring citizens to financial institutions<\/h3>\n

Al-Amoudi added: \u201cThe fund\u2019s approach of referring citizens to financial institutions aims to expedite the disbursement of more than 500,000 accounts, and this will take a long time for many citizens to accept and understand the purpose of the referral. The number of applications approved by banks is constantly increasing, due to the fact that the relevant authorities (Finance, Housing, the Monetary Authority), and financial institutions are working seamlessly together. There are daily and monthly meetings and ongoing communication, and the entire system is under pressure to resolve this issue quickly. The responses from financial institutions and home seekers have been positive.<\/p>\n

Al-Amoudi said in press statements that the self-build option is available to all beneficiaries registered with the Fund; the launch of this option aims to provide beneficiaries with a full range of housing solutions to help them achieve their goal of choosing the home that best suits them, adding that \u201cour goal is to help them fulfill their desire to own a suitable home,\u201d noting the Fund\u2019s commitment to providing suitable solutions to beneficiaries through a range of services and facilities, and emphasizing that making these options available is intended to achieve the primary goal of raising the homeownership rate to 60 percent by 2020.<\/p>\n

\u00a0Terms and Conditions: Beneficiary Rights<\/h3>\n

Al-Amoudi emphasized that support will not cease under any circumstances and that the \u00bbTripartite Housing Support Agreement\u201d was established following suggestions from citizens, reaffirming his commitment to fulfilling the mortgage subsidy agreed upon with the beneficiary. The measures proposed for the coming period are aimed at providing greater protection for beneficiaries\u2019 rights, responding to their suggestions and wishes, and reaffirming the Fund\u2019s commitment to fulfilling the support agreed upon with the beneficiary. One of the features of this contract is that it contains all the contractual terms, just like other contracts, and serves as a reference for the relationship between the beneficiary and the Real Estate Development Fund.<\/p>\n

Principles of Personal Finance<\/h3>\n

The principles of responsible financing for individuals will have a positive impact on the ministry\u2019s beneficiaries.<\/p>\n

Government subsidies, which are contractually agreed upon with the citizen and provided by the Ministry of Housing or the Real Estate Development Fund, will be calculated.<\/p>\n

For mortgage products, the assessment is based on the customer\u2019s total monthly income.<\/p>\n

The General Supervisor of the Real Estate Development Fund stated that, starting early next year (2019), we will be working on land and loans.<\/p>\n

which will be distributed in the coming period by the Ministry of Housing.<\/p>\n

This means that the ministry distributes land to citizens as grants, and the fund, in turn, provides loans secured by that land.<\/p>\n

The initiative to provide financial assistance to active-duty military personnel and those on waiting lists covers more than 300,000 military personnel.<\/p>\n

Payments will be made to them, noting that 21 billion riyals have been allocated for approximately 150,000 cases during the current period, with the remainder to follow.<\/p>\n

Over the past period, 2,500 loans were disbursed.<\/p>\n

The percentage of loans is increasing daily.<\/p>","protected":false},"excerpt":{"rendered":"

Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>The rate of self-construction has accelerated, which has become a new and modern trend in the field of construction of housing units, as the volume of numbers disbursed by the Real Estate Development Fund, since the beginning of the year, is about 40 thousand numbers that have been effectively funded, and the numbers of mortgage loans are increasing daily, as it is expected that we will reach 700 weekly numbers during the coming period, ... Read more<\/a><\/p>","protected":false},"author":10,"featured_media":22736,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"\u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0639\u0642\u0627\u0631\u064a \u064a\u0642\u062f\u0645 \u0642\u0631\u0648\u0636\u0627\u064b \u0644\u0639\u062f\u062f 40 \u0623\u0644\u0641 \u0645\u0633\u062a\u0641\u064a\u062f \u062a\u0645 \u062a\u0645\u0648\u064a\u0644\u0647\u0645 \u0641\u0639\u0644\u064a\u0627\u064b \u0628\u0640 \u0627\u0644\u0642\u0631\u0648\u0636 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629","_seopress_titles_desc":"40 \u0623\u0644\u0641 \u0645\u0633\u062a\u0641\u064a\u062f \u062a\u0645 \u062a\u0645\u0648\u064a\u0644\u0647\u0645 \u0628\u0634\u0643\u0644 \u0641\u0639\u0644\u064a \u0645\u0646 \u0642\u0628\u0644 \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u0627\u0644\u0639\u0642\u0627\u0631\u064a \u0648\u0627\u0631\u062a\u0641\u0627\u0639 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