Saudi minister extends deadline for self-construction product beneficiaries

Minister of Municipal, Rural Affairs and Housing Majed Al Hogail

Saudi Arabia’s Minister of Municipalities and Housing and Chairman of the Real Estate Development Fund (REDF) Majed Al Hogail extended the construction deadline for the beneficiaries of the self-construction and land and loan products for up to an additional 16 months.

The extension will be granted for those who exceed the regulatory period of 36 months without completing the stages of building their homes, which will enable them to receive the financing payments from the approved financing agencies.

According to the Saudi Press Agency (SPA), REDF will start receiving the beneficiaries' requests from next Sunday, Aug. 4, through the financing payment service through the fund’s electronic portal. The fund also called on the beneficiaries to complete construction within the new deadline and update the construction stages when providing and disbursing the financing payments to maintain the housing support.

REDF further explained that the additional deadline comes within the framework of the minister, the housing program and the fund’s keenness to enable the beneficiaries of the self-construction and land and loan products to complete the construction stages of their housing. The deadline granted to the beneficiaries ranges between four and 16 months based on the completion stages of construction.

The housing support manual, in addition to contracts with the financing authorities, confirmed that the beneficiaries of the self-construction and land and loan products are committed upon signing the financing contract to start the construction stages within a period not exceeding one year from the date of housing support. The construction has to be completed within a period not exceeding three years.