(MENAFN - Arab News) The main objective of the royal decree to increase the loans from the Real Estate Development Fund from SR300,000 to SR500,000 is to make it possible for citizens to build their own homes.
Citizens were not able in the past to build homes because of the unjustified costs. Sadly, the fund, real estate businessmen, construction material businessmen and contractors did not honor the spirit of this royal decree.
The Real Estate Fund added a new condition for those eligible for the loan.
Since evil exists between details, a new condition stated that the loan would be granted fully to citizens if their housing unit was more than 200 sq meters in area; otherwise, the loan would be less. This could be ideal if the current real estate prices were within the limit of the SR500,000 loan. Sadly, prices exceeded this loan limit by 100 percent and even more, especially in the cities.
Why has the burden been put on the citizen? Citizens are crushed between the Real Estate Fund and the rising prices of real estate. Why do authorities always set complicated conditions as obstacles in front of citizens?
As for real estate businessmen, construction material businessmen and contractors, the majority of them care less about their countrymen. They care only about making profits at the expense of the poor citizen. If they had the chance to make 300 percent, 400 percent or even 500 percent profit from a poor citizen, they would not hesitate to do it. Even the SR500,000 in loan is insufficient for citizens to build their homes.