REDF to accept joint loan applications amid housing shortage

Saudi Arabia’s Real Estate Development Fund (REDF) will soon begin receiving joint loan applications, allowing multiple borrowers to purchase land, Yousef bin Abdullah Al-Zughaibi, the fund’s director, has told the Saudi-based Okaz newspaper.

These types of loans are designed to enable prospective buyers faced with high land prices in the kingdom to borrow at a better price.

REDF, along with the housing ministry, is moving to encourage potential developers to make use of available land as the country continues to face housing shortages amid growing demand.

Al-Zughaibi also said there is still a possibility for eligible borrowers to get a waiver on loans and mortgages.

He added that the fund had introduced many initiatives over the last six months to cut the waiting time for loan applicants in order help Saudi citizens buy properties.