The UAE has decided to fund interests on home loans obtained by its nationals from banks “to ensure economic well-being and social welfare for UAE nationals.
According to the new policy, housing loans shall be financed through collaboration between the Sheikh Zayed Housing Program (SZHP) and national banks, with the aim of ensuring sustainable funding sources, meeting the current and future housing requirements, and boosting the partnership between the government and private sectors, as well as facilitate the process of financing housing loans for UAE nationals benefiting from the program.
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, has revealed that the UAE Cabinet has endorsed a new policy for UAE nationals home finance.
Al Mazrouei stated, “According to the new Housing Policy, UAE banks shall assume full responsibility for the process of loans funding for Emiratis, where SZHP shall fund the interests resulting from the loans on behalf of the UAE nationals.”
“The new policy aims to combine efforts to serve Emiratis benefiting from the SZHP, by the provision of bank facilities in a way that should mitigate the financial burdens on the beneficiaries,” he added.
The minister made the remarks in a briefing organized by the Ministry of Energy and Infrastructure, represented by SZHP, and attended by ministry undersecretaries and representatives to elaborate on the new policy.
The minister commended the directives of the UAE leadership to ensure economic wellbeing and social welfare for UAE nationals.
It is worth noting that more than 86.3 percent of Emiratis own their own homes, which is one of the highest rates in the world.
