At its recent regular meeting, chaired by Essam bin Saeed, Acting Minister of Housing and Chairman of the Fund\u2019s Board of Directors, the Real Estate Development Fund approved a number of decisions, including the adoption of the executive regulations for investment loans, and raising the notional building age to 25 years for all those eligible for residential real estate loans, following verification of the building\u2019s technical requirements.<\/p>\n
Additional units<\/b><\/span><\/p>\n The resolutions adopted by the Fund\u2019s Board of Directors also included a provision allowing anyone who wishes to build one or more additional residential units on a property previously financed by a loan from the Fund to register those units in the name of a child or relative who has been approved for a loan, so that the loan may be applied to those units.<\/p>\n The Fund also approved granting a group of borrowers joint loans for a single plot of land to build several residential units on it, which will later be transferred via a deed for each unit individually in the name of its borrower-owner, In addition, the Fund has approved financing loans under the \u201coff-plan sales\u201d system, enabling those whose loan applications have been approved to purchase off-plan residential units from developers eligible under the program, The Fund finances the construction up to the loan amount and disburses payments from the designated \u201cguarantee\u201d account in accordance with the Fund\u2019s payment disbursement system.<\/p>\n Early Homeownership<\/b><\/span><\/p>\n In a statement, the Fund explained that its Board of Directors also approved the implementation of the \u201cEarly Home Ownership\u201d program, which allows borrowers on the waiting list\u2014who are expected to receive approval in the coming years (no more than 3) to purchase a residential unit from developers, whether ready-to-move-in or off-plan. The Fund guarantees payment of the loan amount to the seller upon approval of the loan.<\/p>\n The Fund also agreed to waive (loan application) submitted to the Fund by one person on behalf of another with whom the applicant has a first-degree kinship relationship (parents, children, and siblings) and who meets the loan requirements, provided there are humanitarian grounds for doing so.<\/p>\n An Important Stage<\/b><\/span><\/p>\n Yusuf Al-Zaghibi, Vice Chairman of the Board of Directors and General Manager of the Fund, said in a statement: \u201cWith these decisions, the Fund has entered an important phase in its operational journey to actively contribute to the realization of the vision of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud \u2014may God protect him\u2014by providing adequate housing for every citizen. He noted that throughout its history, the Fund has enjoyed the constant patronage and ongoing support of the rulers of this blessed country\u2014may God protect them \u2014which has had a significant impact on strengthening the Fund\u2019s developmental role and helping it achieve the development goals set for the housing sector.<\/p>","protected":false},"excerpt":{"rendered":" Reading time: <\/span> 2<\/span> Minutes<\/span><\/span>At its recent regular meeting, chaired by Issam bin Saeed, Acting Minister of Housing and Chairman of the Fund\u2019s Board of Directors, the Real Estate Development Fund approved a number of decisions, including the adoption of the implementing regulations for investment loans, and raising the default building age to 25 years for all eligible applicants for residential mortgage loans after verifying the building\u2019s technical requirements. Additional units. The decisions approved by the Board included\u2026 Read more<\/a><\/p>","protected":false},"author":10,"featured_media":4744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"0","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"","_seopress_redirections_param":"","_seopress_redirections_type":0,"_seopress_analysis_target_kw":"","_seopress_news_disabled":"","_seopress_video_disabled":"","_seopress_video":[],"_seopress_pro_schemas_manual":[],"_seopress_pro_rich_snippets_disable_all":"","_seopress_pro_rich_snippets_disable":[],"_seopress_pro_schemas":[],"footnotes":""},"categories":[100],"tags":[],"class_list":["post-4743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-residential"],"acf":{"amlak_post_excerpt":"","amlak_post_excerpt_source":{"label":"Amlak post excerpt","type":"text","formatted_value":""}},"featured_image_urls":{"full":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false],"thumbnail":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32-150x150.jpg",150,150,true],"medium":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32-300x159.jpg",300,159,true],"medium_large":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false],"large":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false],"1536x1536":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false],"2048x2048":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false],"trp-custom-language-flag":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",18,10,false],"event-thumbnail":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32-300x200.jpg",300,200,true],"event-medium":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false],"event-large":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false],"event-hero":["https:\/\/amlak.net.sa\/wp-content\/uploads\/2015\/05\/2dbcded48a2e1081d416f60cdee6eb32.jpg",599,317,false]},"author_info":{"info":["\u0627\u0645\u0644\u0627\u0643 \u0627\u0644\u0639\u0642\u0627\u0631\u064a\u0629"]},"category_info":"\u0633\u0643\u0646\u064a<\/a>","tag_info":"\u0633\u0643\u0646\u064a","comment_count":"0","_links":{"self":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/4743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/comments?post=4743"}],"version-history":[{"count":0,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/posts\/4743\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media\/4744"}],"wp:attachment":[{"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/media?parent=4743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/categories?post=4743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amlak.net.sa\/en\/wp-json\/wp\/v2\/tags?post=4743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}