REDF activates SAR 150,000 non-refundable support for beneficiaries from self-construction

Logo of the Real Estate Development Fund (REDF)

The Real Estate Development Fund (REDF), in collaboration with Saudi Awwal Bank (SAB), announced the activation of a self-construction support package for Sakani program beneficiaries looking to self-build their homes.

The package offers up to SAR 150,000 of immediate, non-refundable grants to beneficiaries for home construction, with additional benefits through partnerships with financial institutions, the Saudi Press Agency reported.

In a joint effort to help beneficiaries cover early home-building costs, the self-construction support package will be granted in a one-time lump sum upon signing the financing contract, with the downpayment percentage rising from 10% to 25% of the total value.

This initiative is designed to assist beneficiaries in meeting their home-building expenses, aligning with the Saudi Vision 2030 goals for housing support.

REDF and SAB signed two framework agreements in May to finance two of the initiatives under the newly-updated Sakani housing support program, allowing beneficiaries to obtain immediate, non-refundable grants of up to SAR 150,000 on off-plan, ready-to-move or self-construction housing units, according to data compiled by Argaam.