Tue, Nov 05, 2024 | Jumada al-Awwal 3, 1446 | DXB ktweather icon0°C

UAE Cabinet endorses new home finance policy for Emiratis

Banks to assume full responsibility for loan funding process, Minister says

Published: Thu 26 May 2022, 11:00 PM

  • By
  • Wam

Top Stories

Wam

Wam

Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has revealed that the UAE Cabinet has endorsed a new policy for UAE nationals home finance.

According to the new policy, housing loans will be financed through the collaboration between Sheikh Zayed Housing Programme (SZHP) and national banks, with the aim of ensuring sustainable funding sources, meeting the current and future housing requirements, and boosting the partnership between the government and private sectors, as well as to facilitate the process of financing housing loans for UAE nationals benefiting from the programme.


"According to the new Housing Policy, UAE banks shall assume full responsibility for the process of loans funding for Emiratis, where SZHP shall fund the interests resulting from the loans on behalf of the UAE nationals," Al Mazrouei said.

"The new policy aims to combine efforts to serve Emiratis benefiting from the SZHP, by the provision of bank facilities in a way that should mitigate the financial burdens on the beneficiaries," he added.

The Minister commended the directives of the UAE leadership to ensure economic wellbeing and social welfare for UAE nationals.

More than 86.3 per cent of Emiratis own their own homes, which is one of the highest rates in the world.



Next Story