The Real Estate Development Fund has decided to stop issuing loans to applicants who already own homes, a local newspaper reported Wednesday. An informed source said the fund's branches have started a verification process to determine if loan applicants are houseowners. There are several ways to check this, one of which is verifying if there is an electricity bill in the applicant's name, the source said, according to a report in Al-Madina newspaper. He said the new system exempts owners of dilapidated houses and buildings shared by inheritors. The source said applications which do not fulfill the conditions are replaced by those on the waiting list. Loans will be disbursed in four installments within 10 months to those who own plots of land, he said. The installments are expected to be distributed as follows: q 10 percent of the loan in the first installment to begin construction. q 40 percent of the loan to finish the building's framework. q 35 percent to carry out internal and external plastering, networks (plumbing, electricity, water, etc.) and thermal insulation. q 15 percent for finishing work like tiles, windows, doors, bathroom requirements, wash basins, wall and ceiling painting, and so on. The current system grants a grace period of two years from the date the names are announced. Approved applicants have the right to transfer the loan for building a house to another plot of land in any city in the country. They must make use of it within the two year grace period. The fund will also disburse housing loans to those who submitted applications through the Muyassar system, which was launched recently for those who do not possess plots of land. However, this may be implemented only after the current loan application lists are completed and the ongoing study by the Ministry of Housing in this regard is concluded. It is noteworthy that the fund's branches resumed disbursement of loans and signing of contracts last week, since all procedures were stopped several weeks ago to include the new verification process.