Resumption of Monthly Deductions from the Bank Accounts of Real Estate Development Fund Borrowers for Residential Purposes, Starting from the Salary of Jumada I for the Year 1434H
| No: 341000028806 | Date(g): 15/1/2013 | Date(h): 4/3/1434 |
Translated Document
Referring to SAMA Circulars No. 18589/MAT/7431 dated 11/04/1432H and No. 44698/MAT/20914 dated 06/09/1432 H referring to the Royal Decree No. A/18 dated 20/03/1432 H exempting all borrowers from the Real Estate Development Fund for Private Residential Purposes from two installments for a period of two years, and SAMA directing banks to stop the monthly deduction from their customers' accounts in favor of the Real Estate Development Fund, starting from the salary of the month of Jumada Al-Awwal for the year 1432 H for a period of 24 months, so that the deduction resumes starting from the salary of Jumada I for the year 1434 H. Whereas, SAMA received the letter of His Excellency the General Director of the Real Estate Development Fund No. 5296/34701 dated 20/02/1434 H containing a request to resume the monthly discount on borrowers from the Real Estate Development Fund for private residential purposes, starting from the salary of the month of Jumada Al-Awwal for the year 1434 H.
Therefore, we hope to resume the monthly discount on borrowers from the Real Estate Development Fund for private residential purposes, starting from the salary of the month of Jumada Al-Awwal for the year 1434 H.