Zakah on money saved for building a residential building

Question:
This questioner says: Your Eminence, the honorable father, may Allah preserve you. I am saving a sum of money deducted from my monthly salary for the purpose of building a residential building for my family. Is zakah due on this amount if a lunar year has passed over it? Since I am still saving, as building a residence requires a large sum, and I am still in need of a large amount to start the project, is it obligatory for me to pay zakah? Please advise us, may Allah reward you with good.

Answer:
Yes, zakah is due on it. This is accumulated wealth; if you buy a residence with it, you must pay zakah on it. Whenever a lunar year passes over it, you purify it, based on the generality of the evidence. Whenever the year passes, you pay one-fifth of one-tenth (2.5%) of forty thousand riyals, and so on. Even if it is money you are saving to buy a residence or to pay rent, if a lunar year passes over it, you must pay its zakah. Yes.