The sheik Mohamed bin Zayed ordered this Saturday to distribute billions of dirhams in housing packages among more than 6,100 Emiratis in Abu Dhabi. The heir Prince Abu Dhabi and Deputy Supreme Commander of the Armed Forces of United Arab Emirates, called for loans for housing and land, for a total value of 7.2 billion dirhams, to be granted to citizens, under the directives of the country’s president Sheikh Khalifa.
In addition, Sheikh Mohamed also resigned from the loan repayments for a total of 340 million dirhams from 381 Emiratis retired and the families of the mortgaged deceased. The announcement was made to coincide with the celebrations of the 49 National Day. It was the third housing benefits package issued this year, totaling 15,500 million of dirhams.
In 2020, approvals were issued for more than 5,000 loans for housing as part of the Government’s objectives of “maintaining social stability and guaranteeing decent living standards for citizens “.
The government of United Arab Emirates allocates land, free accommodation or a loan to eligible Emiratis who apply through the Housing Assignment Committee.
The Sheikh Zayed Housing Program, established in 1999, offers low-income Emiratis interest-free loans to be reimbursed over a period of 25 years. Priority is given to widows, elderly Emiratis and people with disabilities. The plan was introduced to ensure that all nationals have access to safe and affordable housing and basic services.
The capital of the United Arab Emirates aims double the number of mortgage loans made to Emiratis as part of the Government Accelerator Program of Abu Dhabi, Ghadan 21.
The emiratis who have worked for at least 15 years and have lived in the UAE for a decade or more can apply for government loans ranging from Dh500,000 to Dh2.25 million to buy a house or land on which to build a house.
This loan is repaid for the rest of their lives, but sometimes forgive by order of Sheikh Mohamed. These directives generally exempt retired or low-income Emiratis.
The loans are distributed by the Sheikh Zayed Housing Program, but Emiratis can alternatively apply for a pre-built house with the Abu Dhabi Housing Authority.
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