Monthly Installments Due from Borrowers of the Real Estate Development Fund
| No: 351000019897 | Date(g): 17/12/2013 | Date(h): 14/2/1435 |
Translated Document
Referring to the letter of His Excellency the Minister of Housing, Chairman of the Board of Directors of the Real Estate Development Fund No. 3415/3570 dated 25/01/1435 H, which includes a reference to the Fund deducting the installments due from retired or non-employee borrowers from their bank accounts after the borrower signs a form stating his approval of the deduction, and then the borrower reviews the bank to approve the deduction according to the specified date for the start of the deduction, but they often receive complaints from some borrowers stating that the bank has not deducted them at all or that the deduction is made before the specified date, which leads to a defect in collecting the installments due from the Fund’s borrowers and increases the burden of review on borrowers between the Fund and the banks
With reference to paragraph (3/15) of the banking consumer protection principles, we hope to take this into account and fully adhere to the deduction of installments (whether installments of Real Estate Development Fund loans or others) on the agreed date without submitting or delaying the deduction process, and to ensure that the installments of the Fund's borrowers are processed in accordance with the Fund's letters in this regard, with a report of implementation within a week from its date.