REDF to activate financing solution, down payment support package

Logo of The Real Estate Development Fund

The Real Estate Development Fund signed three agreements to activate the financing solution "Your Support Equals Your Installment," in addition to the down payment support package with Al Rajhi Bank, Riyad Bank, and Alinma Bank, the state-run SPA reported.

The agreements aim to provide the financing solution to beneficiaries of the self-construction product and the off-plan housing product, to reduce other financing costs for beneficiaries during the construction phases of their homes.
 

REDF explained that this financing solution and the down payment support package were activated with Al Rajhi Bank and Riyad Bank for the self-construction product and the off-plan housing product. Meanwhile, the financing solution will be provided in partnership with Alinma Bank for off-plan housing.
 

The financing solution allows beneficiaries homeownership with installments equal to the value of the support, with a maximum of SAR 400 in case of benefiting from the down payment support package, which provides a non-refundable immediate support of up to SAR 150,000.
 

REDF added that the abovementioned financing solution also offers a competitive advantage to beneficiaries, with an installment equal to the value of the support at SAR 400 maximum during the construction phases until the home becomes ready for occupancy.