Real Estate Development Fund: 322 thousand beneficiaries of the reduction in the cost of housing finance

The Real Estate Development Fund announced that the total beneficiaries of the reduction in the cost of long-term fixed real estate financing with fixed monthly installments amounted to more than 322,000 beneficiaries, and the volume of financing contracts exceeded 196 billion riyals during the period from 2020 until the end of 2021.
Reducing the fixed long-term real estate financing rate with fixed monthly installments comes as one of the facilitating financing solutions for the subsidized mortgage loan program, with the aim of facilitating citizens’ ownership of their homes. The cost of real estate financing with fixed and unchanging monthly installments of the subsidized loan for “sakani” beneficiaries, which contributed to raising the percentage of citizens’ home ownership, praising the main and influential role of the company in the financing market by purchasing real estate loan portfolios and refinancing them in order to increase liquidity in the financing market and reduce the cost of the financing rate . Ibn Madi stated that reducing the financing cost rate contributed to increasing the competitiveness between banks and financing institutions and companies, and also contributed to enhancing the financial stability of the “subsidized loan” beneficiaries and enabling them to benefit from financing solutions at a lower and unchanged cost rate. It is noteworthy that the Real Estate Development Fund provides a loan of 500,000 riyals backed by profits of up to 100%, through various financing and housing solutions, including (self-construction, and the purchase of ready-made or under-construction housing units), through more than 18 approved financing bodies. More than 33.5 billion riyals in monthly support for more than 600,000 beneficiaries during the period from June 2017 until the end of 2021.


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