Saudi fund deposits SAR 1.5 bln into mortgage program beneficiary accounts

Saudi Arabia's Real Estate Development Fund (REDF) has deposited SAR 1.5 billion into the accounts of 59,223 beneficiaries of the subsidized mortgage program in January, Saudi Press Agency (SPA) reported, citing Khalid Mohammed Al Amoudi. ​

“The beneficiaries include 9,351 military personnel in service,” the director general said.

Out of the total deposited amount, around SAR 359 million were deposited into the accounts of the beneficiaries from the SAR 500,000 main loan subsidy, while the remaining SAR 1.17 billion went into the housing loans for military personnel in service initiative, Al Amoudi said.

“REDF will continue to deposit the subsidy amounts on monthly basis, according to the contracts signed with the beneficiaries,” he noted.

The fund will also resume providing its services to all the beneficiaries on the waiting lists to accelerate their mortgages before the end of next year, he added.