Riyadh – Mubasher: The Saudi Real Estate Development Fund announced on Wednesday that it has signed 19,760 new loans starting from Muharram 1437 (October 2015) to date, at a total value of SAR 9.78 billion in the Kingdom.
The signed loans contributed to raising the level of real estate ownership, and helped in the establishment of 23,000 housing units, according to a press release.
The accelerator loan Sharia-compliant programme targets citizens who are still on the waiting lists for housing units, where the beneficiary gets a loan not exceeding SAR 500,000 to be paid over 15 years with a monthly installment of SAR 2,777.
An amount of SAR 75,000 will be added to the finance cost to be paid on five years at a monthly installment of SAR 1,250 after the full repayment of the loan, the fund stated.
The programme also offers a possibility of receiving supplementary financing that is higher than the value of the accelerator loan directly from the bank according to the terms and conditions set by the bank, the statement showed.
