Saudi Real Estate deposits 590 million riyals to subsidized loan beneficiaries during March

Media In / Riyadh 4 April 2019

Saudi Real Estate Development Fund announced the deposit of 590 million riyals in the accounts of beneficiaries of the program “Residential” from the Ministry of Housing and the Real Estate Development Fund in March 2019, of which, 90 million riyals in support of the profits of mortgage contracts, and half a billion riyals for the beneficiaries of the initiative to support the military.
The total amount deposited in the accounts of the beneficiaries of “subsidized mortgage financing” and “subsidized housing loan for servicemen” amounted to 2 billion and 713 million riyals, from the beginning of the transition until 2019, the Saudi Real Estate Development fund (SREDF) said in a press release today.
He stressed that the total amount deposited in the accounts of the beneficiaries of “mortgage backed” since the beginning of the program of mortgage in June 2017 to March 2019, amounted to about 527 million riyals, while the total deposited in the accounts of the beneficiaries of the “mortgage-supported military service” about two billion And SR 185 million, is provided as a good loan to be repaid after completion of the repayment of the principal loan.
According to the Real Estate Development Fund (REDF), the amount of support deposited in beneficiary accounts confirms the commitment of the Fund to support the beneficiaries of subsidized mortgage loans, stressing the need to proceed with the beneficiaries in their steps towards owning the first house. The amount is reached before deducting the installment from his bank account.
For his part, the General Supervisor of the Real Estate Development Fund Khalid bin Mohammed Al-Amoudi said that;  “The Fund will continue to deposit the amount of support in the accounts of the beneficiaries on a monthly basis according to the contracts signed with them, stressing the continuation of the Real Estate Development Fund to provide services to all registered beneficiaries in their lists”. To obtain their real estate loans and to complete the waiting lists before the end of next year, in accordance with the directives of the wise leadership to provide all means to enable citizens to own the first housing and to promote the objectives of the housing program to raise the proportion of ownership Tinnitus of housing to 60% by 2020 and reach 70% in 2030. He added.