A long-awaited Saudi decision … a housing program issues a very important circular that surprises all citizens, residents, and expatriate workers
A long-awaited Saudi decision presents a heavy-caliber surprise to all citizens, residents, and expatriate workers in the Kingdom. In order for individuals to be able to benefit from the housing program, they must fulfill a set of conditions that determine their entitlement to support. These conditions aim to ensure that support is directed to eligible groups and that the program objectives are effectively achieved.
Understand the housing program and its goals
The Housing Program is a financing program offered by the Real Estate Fund in the Kingdom of Saudi Arabia. It aims to provide real estate financing to families and individuals who wish to purchase a housing unit or build their own home. The program provides monthly financial support that covers financing profits, and it can reach 500,000 riyals.
Conditions for benefiting from housing support
To be a beneficiary of the housing subsidy program, you must meet a set of the following conditions:
Naturalization and Residency
The applicant must be a Saudi national and hold permanent residency in the Kingdom of Saudi Arabia.
The applicant did not benefit from the support before
The applicant may not have benefited from other housing subsidy programs in the past.
The applicant does not own a property
The applicant must not be the owner of any real estate at the present time.
Documents required to confirm the monthly income
When applying to benefit from the housing subsidy program, the applicant must submit documents proving his monthly income, in order to determine the extent of his entitlement to subsidy.
The applicant did not benefit from other support programs
The applicant may not be a beneficiary of any other support programs at the same time.
Loan disbursement methods
The housing program provides several ways to disburse the loan and use it to purchase, build, or mortgage financing. Here are some common ways to disburse a loan:
Buying a ready housing unit
Beneficiaries of the housing program can use the loan to purchase a ready-made housing unit in the approved areas.
Beneficiaries can use the loan for self-construction, as the construction process is financed by the Real Estate Fund.
Buying a residential unit under construction
Beneficiaries can use the loan to purchase a housing unit under construction, which is financed in cooperation with real estate companies.
The loan can be used to finance a home purchase mortgage from approved banks or finance companies.
Current funding support
The loan can be used to support the current financing, as the installments of the current financing are covered by the real estate fund.
How to inquire about a salary reduction
To check the possibility of obtaining a reduction in the salaries of the mortgage loan, you can follow the following steps:
Go to the official website of the Ministry of Housing
Visit the official website of the Ministry of Housing in the Kingdom of Saudi Arabia.
Enter the required information
Enter the required information, such as civil number and mortgage details.
After entering the information, the result will appear to you regarding the possibility of obtaining a reduction in the mortgage loan salaries.
Eligibility for support
To be eligible for housing support, you must meet a combination of the following conditions:
You must be a Saudi national to be eligible for housing support.
The applicant did not benefit from the support previously
The applicant must not have benefited from previous housing subsidy programs offered by the government.
The applicant does not own any real estate
The applicant must not currently own any property.
Permanent residence inside the Kingdom
The applicant must have permanent residence within the Kingdom of Saudi Arabia.
Submit the documents required to confirm the monthly income
The applicant must submit documents proving his monthly income to determine his entitlement to support.
Please note that this information may be subject to change, and it is recommended to check the official source of the housing program for the latest information and updates.