“Okaz” learned about the approval of the Board of Directors of the Real Estate Development Fund (the rules and procedures for handling loan requests submitted to the fund before the date 7/23/1432). The Board directed to find solutions to treat those who had final judgments and to provide a mechanism for the disbursement of the fund’s capital according to Availability of approved budgets for this purpose, and scheduling of requests, starting from the current year’s budget, through licensed financing agencies in accordance with the instructions and regulations approved by the Saudi Arabian Monetary Agency.According to the rules for processing applications submitted to the Real Estate Development Fund and its procedures prior to 7/23/1432 (reviewed by Okaz), the products and initiatives were classified as programs and types of financing provided by the fund and financing agencies to enable the beneficiary to obtain a home through Subsidized mortgage loan, which means a residential real estate financing program provided through the financing agencies, is fully or partially supported by profits from the fund.
The rules and procedures aim to process all requests submitted to the fund, whose owners have numbers prior to 7/23/1432 in coordination with the Ministry, and to expedite enabling the beneficiary of the necessary support to obtain the appropriate product by reducing the waiting period and the possibility of issuing immediate approvals. The rules require the beneficiary to update the data of his request on the fund’s website, or the fund’s branches, within a maximum period of six months from the date of these rules. Article four stipulates that the relevant department in the fund should study all the beneficiaries ’requests and raise recommendations to issue the necessary approvals for programs, products and initiatives appropriate for each beneficiary. , Provided that the validity period of the approval for the beneficiary is two years from the date of its issuance, and in the event that the approval is not submitted within the specified period to benefit from the application, the approval of his application will be canceled, and he can apply to the housing portal, and the Fund has the right to extend the period according to considerations set by the Board of Directors.
Article 6 stipulates that the value of the subsidized real estate financing principal should not exceed the amount of five hundred thousand 500,000 Saudi riyals in the subsidized mortgage loan program, and the regulation obligated the fund to provide profit support in accordance with the terms and conditions of the contract concluded with the beneficiary. The beneficiary who meets the conditions mentioned in the housing support organization may amend his request. To take advantage of organizing housing support in accordance with its provisions in coordination with the Ministry, according to which his request is waived from the fund’s list.
The regulation allowed the beneficiary to waive his request to a first-degree family member, and his heirs after his death may waive the request to one of the heirs who meet the conditions of lending with the fund to benefit from the subsidized mortgage.
The rules for handling real estate applications considered the contract signed between the beneficiary and the fund that governs the relationship between them, in addition to the relevant laws, regulations, and decisions. The fund’s commitment shall expire in the event that the agreement between the beneficiary and the funder ends.