UAE will announce 3,000 beneficiaries of housing loans during 2022, taking 500 housing decisions per month that will announce the names of the beneficiaries of the first installment of the new housing policy.
The new policy includes 500 decisions worth AED400 million, according to Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure.
On the sidelines of the signing of the Ministry of Energy and Infrastructure – represented by the Sheikh Zayed Housing Programme – a joint Memorandum of Understanding with four national banks, namely First Abu Dhabi Bank (FAB), Emirates NBD, Dubai Islamic Bank and Abu Dhabi Islamic Bank, Al Mazrouei revealed the program plan to implement the Cabinet decision.
The MoU was signed by Mohammed Al-Mansoori, Director of the Sheikh Zayed Housing Program, and representatives of the national banks in the presence of a number of officials.
Al-Mansoori explained that the MoU supports the new policy based on national banks taking over the entire process of financing citizens’ housing loans, with the Sheikh Zayed Housing Programme financing the value of the interest on the loan on behalf of the citizen.
The Director of the Sheikh Zayed Housing Programme pointed out that the MoU targets national banks that have great experience in the field of housing finance and have previous partnerships with local housing authorities.
He said the Ministry of Energy and Infrastructure aims to meet citizens’ needs for government housing, provide multiple financing options at competitive prices, reduce waiting time for housing assistance, and enable citizens to obtain competitive prices for supplementary loans.
