Sheikh Mohammed exempts financially distressed citizens from repaying housing loans

UAE’s Vice President and Prime Minister and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum, has ordered to exempt financially distressed citizens from repaying the remainder of their housing loans to the Sheikh Zayed housing programme, official news agency WAM reported.

The distressed citizens include those who earn a monthly income of less than Dhs15,000, and families of deceased citizens.

The order aims to reduce the woes of financially troubled families, the statement said.

.@HHShkMohd orders the exemption of financially distressed citizens, whose monthly income is below AED15,000 and families of deceased citizens from repaying the remainder of housing loans to the Sheikh Zayed Housing Program (@iskanZayed). pic.twitter.com/V7naNLy8Wj

— Dubai Media Office (@DXBMediaOffice) December 7, 2019

Read: UAE legislates protection of citizens, residents in debt

Last month, the UAE legislated the protection of its citizens and residents who were incapable of paying their financial dues. The new law, to come into effect from January next year, will safeguard those who are either facing or foreseeing financial turmoil, leaving them unable to settle their debts.

The legislation will enable debtors to be productive, work to pay off their debt and support their families.

Read: The UAE’s new insolvency law: What we know so far