Down payment for self-building beneficiaries raised from 10% to 25%: Report

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The Real Estate Development Fund (REDF) directed the approved financing agencies to implement new amendments for the beneficiaries of the self-building product and the housing support provided to “Sakani” beneficiaries, including raising the percentage of the down payment of the value of the financing contract from 10% to 25%, Sabq newspaper reported, citing a source.

The new amendments include amending the mechanism for depositing the monthly housing support for the product’s beneficiaries in full, on a monthly basis into the beneficiary’s account, starting from the date of signing the financing contract, the source said.

It indicated that the new amendments address the challenges facing beneficiaries of the self-building product, as the value of the down payment was raised in order to give the beneficiary an opportunity to meet his needs and begin the first stages of building his home.

The source also highlighted that the new amendments will be applied to new financing contracts for beneficiaries of the self-building product starting next Sunday, pointing out that the amendments aim to improve the beneficiary’s ability to own appropriate housing according to his needs and financing capabilities.