Ministry of Housing and real estate launched the service (finance retirees) with Dar Altamleek
March 28, 2018
A joint agreement was signed between the Ministry of Housing and Real Estate development Fund, the public pension agency and Dar Al-Tamleek in the presence of the General Supervisor of the Real Estate Development Fund Khalid Al-Amoudi, the representative of the Public Pension Agency Mohammad Al-Maimouni, and the Chief Executive Officer of Dar Al-Tamleek Yasser Abu Ateeq.
The agreement aims at funding "retired" civil and military personnel, or those currently on the job and approaching retirement age and whose names have been issued to the Fund.
The agreement comes within the framework of the Ministry of Housing and the Real Estate Development Fund's keenness to find suitable financing solutions for all segments listed in the waiting lists. The new service is part of the "subsidized lending" program to finance retired beneficiaries up to the age of 70 Years.
The General Supervisor of the Real Estate Development Fund explained that the "retired beneficiaries" financing service is part of the "Solutions and Programs" package, which includes providing support and facilities for a number of segments
A community that cannot obtain "financing from banks or real estate financing institutions" and that this agreement is the beginning of a set of solutions that will be applied with various financiers.
Under the terms of this agreement, the Public Pension Corporation will provide "mortgage finance" to "retired beneficiaries and current state employees" through Dar Al Tamleek, with the real estate development fund to bear the full financing profit of SR 500,000 for less than SR 14,000. The subsidy calculator on his salary is higher than that, in addition to assuming all risks in the case of the beneficiary's death or total default, as stipulated in the SAMA Real Estate Finance System. This agreement also includes the beneficiaries of housing support in the list of applicants to the Ministry of Housing.
The "retired beneficiary" financing service is intended for Public pension agency subscribers, including civilian and military retirees, as well as employees who are currently on the job. Funding can be obtained without the requirement of a salary transfer, starting from today.