The “Real Estate Fund”: Depositing 929 million riyals in the accounts of the “sakani” beneficiaries for July

The Real Estate Development Fund announced the deposit of 929 million riyals in the accounts of the "sakani" beneficiaries of the Ministry of Municipal, Rural Affairs and Housing and the "Real Estate Fund" for the month of July 2023.

This is within the continuous efforts; To improve the ability of beneficiaries to afford housing costs, in order to achieve the objectives of the housing program - one of the Saudi Vision 2030 programs - by providing financing and housing solutions in a sustainable manner by building supportive systems and legislation.

Real Estate Development Fund

The CEO of the Real Estate Development Fund, Mansour bin Madi, stated that the total support for this month amounted to 929 million riyals, which were allocated to support the profits of subsidized real estate financing contracts.

Noting that the total amount deposited in the accounts of Sakani beneficiaries since the announcement of the transformation program in June 2017 until this July amounted to about 50.2 billion riyals.

“Ibn Madi” said that the continuity of depositing the housing subsidy at the specified monthly time is an affirmation of the continuous efforts to enable the beneficiaries to own the first home according to their needs and financial capabilities in accordance with the advantages and financing and housing solutions for the housing subsidy programs in partnership with the financing agencies.

It is noteworthy that the Real Estate Development Fund provides services through more than 43 electronic services through the fund's electronic portal, in addition to the real estate advisor service and self-service devices in the fund's branches 24 hours a day.

The "sakani" program is a program provided by the Ministry of Housing and the Real Estate Development Fund, launched in 2017 AD, during which 280,000 housing products were allocated throughout the Kingdom, with products as follows:

Allocating 120,000 ready and under construction housing units, distributing 75,000 residential lands, and issuing 85,000 new numbers for the Real Estate Development Fund, starting from February 2017. In 2018, more than 300,000 housing products were allocated throughout the Kingdom, as follows: 125,000 housing units, 75,000 residential lands (free), and 100,000 housing financing (profit-subsidised).

Conditions for obtaining housing support All citizens of the Kingdom can apply for support, but the following conditions must be met:

1- The applicant must hold Saudi nationality.

2- The applicant must also not have benefited from support before.

3- The applicant must not be the owner of any real estate.

4- Permanent residence of the applicant inside the Kingdom.

5- The applicant submits documents proving his monthly income.

6- The applicant is not a beneficiary of any other support programme.

The "sakani" program provides the beneficiaries with several housing and financing options, including:

1- Ready housing units within the Ministry's projects.

2- Units under construction in partnership with qualified real estate developers.

3- The option to buy ready-made residential units from the market.

4- Self-construction for those who own land.

5- Financing the existing real estate loan, through subsidized real estate loans in partnership with banks and financing institutions.

6- In addition to the option of free lands that are delivered to beneficiaries in various regions of the Kingdom.