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UAE: Housing loans worth Dh1.6 billion to benefit 2,000 Emiratis
Established in 1999, the housing programme offers eligible Emiratis interest-free loans repayable over a 25-year period
A housing programme that bears the name of the late Sheikh Zayed bin Sultan Al Nahyan is continuing to home thousands of Emiratis decades after it was set up. The UAE Vice-President on Sunday announced that he has approved housing loans worth Dh1.6 billion for 2,000 Emiratis.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the loans are part of the Sheikh Zayed Housing Programme (SZHP). “The programme — which is named after the UAE’s founding father, Sheikh Zayed — continues to realise the purpose for which he established it,” Sheikh Mohammed posted on Twitter.
The UAE Vice-President recalled Sheikh Zayed’s words about money and life being temporary, but service for the nation, eternal.
Established in 1999, the housing programme offers eligible Emiratis interest-free loans repayable over a 25-year period.
In March, the programme announced the first batch of beneficiaries of housing loans and grants worth over Dh435 million for 2023.
In May 2022, the UAE Cabinet had endorsed a new policy on home finance for UAE nationals.
According to this policy, housing loans shall be financed through collaboration between the SZHP and national banks.
“The UAE’s banks shall assume full responsibility for the process of loan funding for Emiratis, and SZHP shall fund the interests resulting from the loans, on behalf of the UAE nationals,” the UAE government states on its official website.
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