Real Estate Development Fund Loan Installments
| No: 331000012180 | Date(g): 27/3/2012 | Date(h): 5/5/1433 |
Translated Document
SAMA received the letter of His Excellency the Minister of Housing No. 7917/33701 dated 9/3/1433 H, which includes that the Real Estate Development Fund requests to repay the loan in monthly installments, and due to the difference in the value of the loan from one borrower to another and therefore the amount of the installment deducted on the borrower, it may result in differences in the amount of the monthly installment and the amount of the installment is not equal in all the monthly installments paid during the three hundred installments, and in most cases it is necessary to settle the differences in one of the paid monthly installments. The Ministry of Housing wishes to inform banks that the amount of the last monthly installment is different from the rest of the installments.
Therefore, we inform you that SAMA has no objection to the deduction of the last installment of the Real Estate Development Fund loan being different from the previous monthly installments, in order to settle the differences arising from the loan in an easy way for borrowers.