Villas in Dubai’s framed against the backdrop of skyscrapers. Photo for illustrative purposes only. Image Credit: Gulf News archive

Dubai: A total of 600 housing loans worth Dh600 million collectively have been approved as part of the Emirati Housing Programme in Dubai.

Following the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, the new loans were approved by Sheikh Hamdan bin Mohammad Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, on Monday.

The housing loan has been increased to Dh1 million.

Sheikh Hamdan tweeted: “We follow up on the Emirati housing dossier to ensure their happiness and provide them with a dignified life.”

Sheikh Hamdan said the decision reflects the vision of His Highness Sheikh Mohammed bin Rashid to provide the best living conditions for Emirati families as part of the Dubai 2040 Urban Master Plan that maps out a comprehensive plan for sustainable urban development in the emirate.

The Crown Prince added that Dubai is one of the world’s leading cities that places people’s happiness and quality of life at the centre of its development model, which enables it to provide an exceptional environment for individuals and families.

The Mohammed bin Rashid Housing Establishment recently raised the value of the housing loan provided to Emirati citizens to AED1 million. It also accelerated processing of loans and extended the loan repayment period to 25 years.

In addition, the Establishment announced various benefit schemes as part of its housing strategy that aims to design residential neighbourhoods to provide citizens the world’s best lifestyle and living environment for families.