Abu Dhabi grants Dh1.1bn in housing loans and repayment waivers

More than 800 Emiratis have been granted housing loans or had their debts cleared by the Abu Dhabi government.

On Sunday, 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.

He also issued an order that retirees and the families of deceased mortgagors were to be exempted from loan repayments.

The total value of the loans and exemptions is Dh1.1 billion, with 803 citizens to benefit, according to the statement published by the Abu Dhabi Media Office.

Sheikh Mohamed gave the order following directives from President Sheikh Khalifa.

It is the latest round of housing loan approvals made in the emirate this year and coincides with Eid Al Adha. A total of Dh3.31bn has been distributed to citizens since January.

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. These are for buying a home or a plot of land upon 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 the Sheikh Zayed Housing Programme. An alternative scheme is run by the Abu Dhabi Housing Authority.

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Live: BeIN Sports HD
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Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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