Sharjah Ruler stops bank from auctioning citizen's house

Emirati bought the property through home loan worth Dh3,500,000

Published: Tue 9 Nov 2021, 8:29 AM

Updated: Tue 9 Nov 2021, 8:31 AM

By
Afkar Ali Ahmed

Photo: File

His Highness Sheikh Dr Sultan bin Muhammad Al Qasimi, Supreme Council Member and Ruler of Sharjah has ordered a bank to stop auctioning a house owned by a UAE national.

The bank planned to auction the house, which was bought through a loan worth Dh3,500,000.

The Sharjah Ruler ordered the concerned authorities to follow up on the citizen's problem and address it.

The bank offered to sell off the house due to a two-year delay in paying the remaining installments.

The remaining money owed to the bank amounted to about Dh1,400,000, which the bank customer could not settle due to financial circumstances.

The Ruler intervened and issued his order after listening to the Emirati discuss his problem on the Direct Line program of Sharjah Radio and Television.

The Emirati said that he supports his family, including his mother, two wives, and four children, and that he owned a factory that was completely gutted in a fire. He failed to fulfil his loan commitment to the bank due to his loss and financial difficulties.

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The bank offered to put up the house for sale no later than November 10, after the end of the six-month deadline; this meant that he had to pay the total amount owed to the bank.

He urged for help from the authorities, wanted the bank to reschedule the remaining loan, and reduce the monthly installment's value to Dh10,000, as he had no other place for him and his family to live.