UAE slashes home loan requirements for citizens

Documents that require approval will be slashed from 10 to only two, Sheikh Mohammed bin Rashid announced

Published: Tue 11 Jun 2024, 5:40 PM

Updated: Tue 11 Jun 2024, 10:20 PM

By
Web Desk

File photo used for illustrative purposes

The UAE is making home loan applications easier for Emiratis in a new government project announced on Tuesday.

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the government would "simplify and reduce" the procedures.

Instead of 11 entities, applicants will have to deal with only one. Documents that require approval will also be slashed from 10 to only two, Sheikh Mohammed said.

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This comes under the launch of the 'Manzili' housing services bundle, which includes eliminating 2,000 government processes within a year, and reducing the time taken by 50 per cent. The bundle will offer 18 housing services, while reducing service fields from 32 to 5.

The UAE Vice-President also announced the approval of housing support worth Dh1.68 billion for citizens. Granted under the Sheikh Zayed Housing Programme, the amount will cover a total of 2,160 new homes for citizens.

A streamlined housing loan process comes as part of the UAE's Zero Government Bureaucracy Programme — which seeks to cut red tape and eliminate all redundant procedures and requirements.

In February, the government set an ambitious target of cutting at least 2,000 procedures in one year and reducing processing periods in half a year.

As part of the zero-bureaucracy project, the second phase of the Work Bundle platform was also launched on Tuesday. Through this bundle, the time to process necessary documents to acquire work permits and residency visas has been reduced from 30 days to five days across the UAE.

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