Saudi Shoura calls for deducting Real Estate Fund installments from employee salaries
The Shoura Council
Riyadh - Arab Today
The Shoura Council’s committee on Haj and housing has called on all government departments and private-sector entities to support the Real Estate Development Fund by deducting installments from employee salaries.
The Fund announced its research on methods of collecting as much as possible of defaulted loans, which amount to about SR30 billion ($8 billion).
The committee said failure to collect debts, and some beneficiaries’ tardiness in paying their loans, are among the biggest issues facing the Fund.
The committee called on the Fund to transfer the loans granted to beneficiaries who did not collect them and did not contact the Fund.
The Fund said its debts are due to about 100,000 people defaulting on their loans, and half of beneficiaries are not regularly paying their installments.
Source: Arab News
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