The Real Estate Development Fund (REDF) has approved 11,666 housing loans worth SR 5.83 billion to construct 14,000 housing units in different parts of the Kingdom. Director Gen. of REDF Muhammad Al-Abdani announced the approval of the loans.
This is the third batch of loans approved in the budget for 2012.
Al-Abdani instructed the beneficiaries to visit the branches of the REDF to complete formalities including the signing of the contract and to start construction from June 30.
Saudi Arabia needs 150,000 housing units annually as demand for residential property is soaring as a result of rapid population growth and an inflow of expatriate workers.
The Housing Ministry has prepared a national housing strategy to regulate the residential market in the Kingdom.
It is planning to implement a seven-point strategy to solve the country's housing problem and achieve the goal of making every citizen a homeowner.
A bachelor beneficiary of the REDF loans should be 24 years old and 21 if married while women should be 40 years old.
More than 1.7 million citizens have applied for REDF housing loans and all their names have been registered, according to a statement from Al-Abdani last month.
REDF was established in 1974 with the aim of raising the quality of life in society through the development of high quality housing.
The total loans disbursed by the Real Estate Development Fund since its inception until the end of 2006 amounted to SR 134.1 billion.