UAE Housing Loans Repayment Exemptions for Citizens

UAE Housing Loans Repayment Exemptions for Citizens
12/05/2021 , by , in INTERNATIONAL

More than 1,600 Emiratis were granted housing loans or had their debts cleared by the Abu Dhabi government on 9th May. Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said housing loans would be granted to citizens in Abu Dhabi, and ordered for retirees and families of deceased mortgagors to be exempt from loan repayments.

The total value of the loans and exemptions is Dh2.21 billion, with 1,656 citizens to benefit, according to the statement published by Abu Dhabi Media Office.  It is the first round of housing loan approvals made in the emirate this year and coincides with Eid Al Fitr. Emiratis who have worked for at least 15 years and lived in the UAE for a decade or longer can apply for loans ranging from Dh500,000 to Dh2.25 million from the government to buy a home or plot of land on which to build a house.

This loan is repaid over the remainder of their lives but can sometimes be waived if a directive is issued. Typically, these directives exempt retired or low-income Emiratis. The loans are distributed by Sheikh Zayed Housing Programme. An alternative scheme is run by Abu Dhabi Housing Authority.

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