Sharjah's United Arab Bank to offer 100% financing for Emirati homes
25-year financing to be offered as part of Mohammed Bin Rashid Housing Establishment's Al Yusr programme
Abu Dhabi Securities Exchange-listed (ADX) and Sharjah-headquartered United Arab Bank (UAB) will provide 100% financing to Emirati nationals for properties owned by the UAE's Mohammed Bin Rashid Housing Establisment (MBRHE) under the Al Yusr programme, with the loan being extended over a period of 25 years.
According to UAE state news agency, Wam, the financing has been approved as part of a memorandum of understanding signed by deputy chief executive officer of UAB, Sheikh Mohamed Al Nuaimi, and CEO of MBRHE, Sami Abdullah Gargash.
UAB will provide UAE nationals two sharia'a-compliant segments of facilities, including financing of up to $204,191 (AED750,000) with zero-interest rates, and a second financing option as per the bank's policy for financing and interest rates.
Commenting on the development, Al Nuaimi said: "Our partnership with MBRHE affirms our strong commitment to providing innovative solutions to finance the houses of UAE nationals, in line with the vision and aspirations of our wise leadership who spared no effort to provide UAE nationals with happiness, prosperity and good living."
Gargash added: "Through this partnership, we will provide UAE citizens with several practical solutions to help ease housing finance.
"This comes as part of our endeavours to realise housing stability, in accordance with the vision of HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister, and Ruler of Dubai, in terms of developing the housing system and keeping up with the demands of the contemporary world."