Apr 01 2013

Saudi housing units on installment basis proposed

The Shoura Council Housing Committee plans to submit a proposal on the construction and sale of housing units to employees on installment within the next two weeks.

The proposal, prepared by Zainabdeen Barri, a former Shoura Council member, is based on a government plan to build housing units of different sizes whose costs will range between SR 500,000 and SR 1 million.

According to the proposal, the government will sell housing units to government employees in installments for a period of up to 30 years.

An authority comprising representatives from the Ministries of Finance, Housing and Municipalities will undertake the project, the proposal said. The proposal will minimize pressure on the Real Estate Development Fund (REDF). Furthermore, owners of new housing units will not be entitled for loans from the REDF.

Entitlement for housing units within this project depends on a number of criteria. The employee is to be married and not less than 21 years of age. Widows, divorcees and singles over 30 are also eligible to apply upon condition that they do not already own a property.

© Arab News 2013

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