Zayed Housing Programme approves second batch of loan beneficiaries
Move is part of new housing policy targeting 3,000 loan beneficiaries in 2022
Abu Dhabi: The Sheikh Zayed Housing Programme has approved the second batch of loan beneficiaries as part of the new housing policy that targets 3,000 beneficiaries during this year.
The new policy, which includes 500 housing decisions worth Dh400 million, comes within the framework of a comprehensive plan that is aimed at announcing 3,000 loan beneficiaries during 2022.
Engineer Mohammed Al Mansouri, director of the programme, commended the attention attached by the UAE under the leadership of President His Highness Sheikh Mohamed bin Zayed Al Nahyan, and His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, to provide Emiratis with sustainable housing and ensure their wellbeing and happiness.
He said short messages (SMS) have been sent to beneficiaries to update their data and provide the programme with the required documents proving their eligibility.
Last week, the UAE Central Bank expanded the repayment capacity of the beneficiaries of the Sheikh Zayed Housing Programme home finance by increasing their debt-burden ratio eligibility.
The apex bank instructed all banks and finance companies that the debt-burden ratio of the beneficiaries has been increased from 50 per cent to 60 per cent.
This means UAE nationals availing of the funding will be able to get additional finance provided they are able to repay it.
In June, President His Highness Sheikh Mohamed bin Zayed Al Nahyan ordered Dh2.3 billion for the completion of all housing grants applied in the previous years within the Sheikh Zayed Housing Programme.
According to the authorities, the percentage of Emiratis owning housing in the country is more than 86.3 per cent, which is one of the highest rates globally.