Abu Dhabi grants $600mln housing loans, repayment exemptions to 1,656 Emiratis

Retirees and families of deceased mortgagors would be exempted from loan repayments

  
An Emirati man wears a protective mask as he walks past buildings in Abu Dhabi, United Arab Emirates September 1, 2020. Image used for illustrative purpose

An Emirati man wears a protective mask as he walks past buildings in Abu Dhabi, United Arab Emirates September 1, 2020. Image used for illustrative purpose

REUTERS/Nir Elias/Pool

The Abu Dhabi government has granted housing loans and exemptions worth AED 2.21 billion ($600 million) to 1,656 Emiratis. The first disbursement of this year coincides with Eid Al Fitr.

Following directives from UAE President Sheikh Khalifa, Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces ordered that housing loans would be granted to citizens in Abu Dhabi.

Also, retirees and families of deceased mortgagors would be exempted from loan repayments, a statement published by Abu Dhabi Media Office said.

The Sheikh Zayed Housing Programme established in 1999 takes the lead in distributing housing loans.

The programme, which provides suitable housing for UAE nationals and their families, aims to offer housing assistance services such as grants and loans, as well as to provide multiple options including building, purchasing, maintaining or expanding a house.

(Writing by Seban Scaria; editing by Daniel Luiz)

(seban.scaria@refinitiv.com)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.

© ZAWYA 2021

More From Real Estate