REDF offers 24% discount on early repayment for direct lending beneficiaries

Logo of Real Estate Development Fund (REDF) 

The Real Estate Development Fund (REDF) announced today, Dec. 3, an early payment program, offering a 24% discount on full or partial early mortgage repayments for direct lending beneficiaries enrolled before 2017, state-run Saudi Press Agency (SPA) reported.

To qualify for the discount, beneficiaries must be making regular payments.

This program aligns with REDF’s efforts to stimulate and encourage direct lending beneficiaries who received their mortgages under the pre-2017 system. It aims to reduce financial burden, address debts and improve their credit records.

REDF said the early payment program applies to direct lending beneficiaries to pay the full value of the mortgage, or part of it, with at least an annual installment, indicating that the program does not include those with overdue installments.

The fund called on beneficiaries of direct lending to take advantage of the program and submit an early payment request through the e-portal.

Further, REDF said the program comes within its initiatives to ensure financial sustainability, which promotes the culture of early payment, and enhance efficiency in developing innovative financing programs and solutions to boost homeownership.