Saudi citizens have a number of aspirations when it comes to the Real Estate Development Fund; these aspirations are numerous and with each change of circumstance, they spring forth anew. The new circumstance this time is the SR9 billion support that the fund has obtained.
People are amazed at the huge support even though it is to be distributed over five years. Their eyes, however, rested only on the figure and ignored the details. Thus their hopes and aspirations sprang forth anew — with obtaining a loan as quickly as possible of prime importance.
Many people asked if they would get the loan within 10 years instead of within 20 or 25. No doubt the administrators of the fund should clarify this matter immediately to the public.
Another vital point which required clarification concerns citizens who live in villages; these citizens maintain that their villages are villages no longer, except in the eyes of the Real Estate Development Fund. The citizens claim that there are no differences between villages and cities except in the matter of costs and expenses which are higher in the villages.
Nonetheless, the fund grants citizens in villages a loan of SR200,000 while those in cities are eligible for SR300,000. The village dwellers want only to be treated as the equal of the city dwellers despite their belief that even SR300,000 is a small amount whether in city, village or the most rural areas.
The final problem has to do with dead citizens (may their souls rest in peace) who died before paying off their loans to the Real Estate Development Fund. Many people feel that the debt should be canceled if the borrower dies. Some debts are indeed canceled but only after long, time-consuming bureaucratic procedures. Citizens want a single regulation to be applied across the board to everyone. We have now explained what the citizens want from the Real Estate Development Fund.
The ball, as they say, is now in its court.
