Sheikh Hamdan approves housing loans worth Dhs600m

A total of 600 housing loans worth Dhs600m are to be provided by the Mohammed bin Rashid Housing Establishment, has been approved by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council.

The Mohammed bin Rashid Housing Establishment recently raised the value of the housing loan provided to Emirati citizens to Dhs1m.

It also accelerated processing of loans and extended the loan repayment period to 25 years.

In addition, it announced various other benefit schemes as part of its housing strategy for citizens.

Under the directions of @HHShkMohd, #Dubai Crown Prince @HamdanMohammed approves 600 housing loans worth a total of AED600 million as a part of the Emirati Housing Program in #Dubai. pic.twitter.com/8W5RusSW10

— Dubai Media Office (@DXBMediaOffice) January 3, 2022

In September last year, an allocation of Dhs65bn to be spent on an Emirati housing programme in Dubai was approved by Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

At the time, Sheikh Mohammed also issued directives to quadruple the number of citizens benefiting from the housing programme effective from next year, and to increase the land plots allocated to Emirati housing projects in Dubai to 1.7 billion square feet.

The following month, Sheikh Hamdan approved the launch of a digital platform for Emiratis enrolled in Dubai’s housing programme to exchange grants, land plots and housing units among themselves.

In further measures aimed at facilitating housing requirements for citizens, the UAE cabinet in November approved financial exemptions from housing loans for UAE citizens, in cases of inability to pay the loans, and for families of those who have passed away and people of determination. Low-income families will also be eligible to receive government houses.