Seeking justice from the Real Estate Development Fund

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Okaz

A Saudi man received a loan from the Real Estate Development Fund in 1433 H. (2012). But the property that was mortgaged to the Fund was seized in favor of King Abdullah Sports City. The citizen then returned the loan to the Fund in the hope that he would be compensated with another loan for a new property, due to the fact that he had not benefited from the first loan because the situation was out of his control.

The director of the Real Estate Development Fund approved his request after he received the green light from the legal department of the Fund. The man then signed another contract and took out a mortgage on another property, but the loan was not deposited in his account. It seems that his papers were lost between offices and he fell victim to changing rules. He tried many times to explain his situation and at the end he was forced to go to the court. The court issued an initial ruling in his favor.

The Saudi man felt extremely sad when he learned that the Real Estate Development Fund had summoned old applications of citizens from branches of the Fund to the main department, before the law was issued to transfer applications directly to the banks. These citizens did not take out a mortgage on any property and they were given their loans under the rules of the old system directly from the Real Estate Development Fund before it changed to the new system of receiving loans from banks.

The man felt that he should have been included with them because he had signed his contract a long time before and had taken out a mortgage on his property before his papers were lost.

In an effort to seek justice, I present the case of this citizen to the officials of the Real Estate Development Fund and to the Minister of Housing.


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