Article 8 of the Saudi Real Estate Finance Law

This article deals with state support for real estate finance through the Real Estate Development Fund, and contains the following elements:

• Source of support: Part of the Fund's approved budget.
• Form of support: Guarantees and aid to support real estate finance.
• Beneficiaries: Subsidy-eligible persons and housing associations.
• The details: The Implementing Regulations regulate how this is done.

The meaning of the beneficiaries is found in Article 1:

• Subsidy-eligible person: A Saudi natural person whose income does not exceed the limit the Minister of Finance proposes from time to time and the Council of Ministers approves.
• Housing associations: Charitable institutions and associations specialized in providing housing to those who cannot afford it, licensed under the laws.

The article does not specify the amount of the part allocated from the budget, or the conditions for obtaining the guarantee or aid, or their value; all of this is left to the Implementing Regulations. Article 9 complements this provision, as the government guarantees fulfilling the financial obligations arising from the Fund's guarantees within what is approved for them in its budget. Before it comes Article 7 on the beneficiary's credit record.

To find out whether the description of subsidy-eligible person applies to you, you can consult a lawyer specializing in banking and real estate finance.