Real Estate Development Fund is going to conclude the biggest agreement in the history of citizens' housing support with 14 financing establishments next Sunday for financing the citizens who are eligible for Real Estate Development Fund loans through additional loans that shall support them in owning ready residential units. This important step in regard to organizing and enhancing the relationship between the financing establishments and the Fund has been achieved after granting the agreement of Ministry of Justice regarding the additional financing program new form as the ministry has considered that it is suitable to apply the new mortgage system on such cases due to that it suits the reality of the community and grants the rights of all parties (i.e. the citizen, the financing establishment and Real Estate Development Fund). Such operation shall include registering the real estate unit in the name of the citizen in his capacity as owner and, then, mortgaging the real estate for the benefit of Real Estate Development Fund and the financing establishment together at the same time for granting their rights related to the loan provided by them. Al-Riyadh has managed to know that applying the new mortgage in the additional financing operations has allowed Real Estate Development Fund to launch many applications which facilitate owning the ready / prefabricated residential units or starting the building operation by the citizens who are eligible for Real Estate Development Fund loans. In this regard, the first application includes that the citizen who has owned a house or has built it through the Real Estate Fund but his title deed is still mortgaged by the Fund can get an additional financing for purchasing or building another one house or even more than one in accordance with his credit status with the financing establishment. As for the second application which details has been declared by Al-Riyadh recently; it includes purchasing the plot through a financing establishment and then getting the loan of Real Estate Fund for starting the construction. In the event of that the citizen has already got a loan and is owning a plot at the same time; the plot itself can be mortgaged by the Fund in case of entitlement and, then, obtaining the loan of Real Estate Fund.
