Dubai Ruler exempts citizens from home loan repayments
Financially distressed UAE citizens, as well as families of deceased citizens, will be exempted from repaying loans to SZHP
HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has ordered that financially distressed UAE citizens, whose monthly income is below AED15,000, as well as families of deceased citizens, will be exempted from repaying the remainder of their housing loans to the Sheikh Zayed Housing Programme (SZHP).
According to the state-run Dubai Media Office, the Dubai Ruler’s decision aims to to alleviate the financial burdens of financially distressed families, and intends to raise the social and economic stability of the families.
Construction Week reported in December 2019 that the Sheikh Zayed Housing Programme has issued over 67,000 housing assets valued at $4.8bn (AED17.5bn) comprising loans and grants to build new houses as well as to maintain existing structures, since the programme was established in 1999.
The UAE’s minister of Infrastructure Development and chairman of the Sheikh Zayed Housing Programme (SZHP), Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, said that the value of housing support decisions made in 2019 until October was $762.3m (AED2.8bn), increasing by 740% compared to 2001.
He added that the programme has issued 1,051 housing aid decisions worth $136.1m (AED500m) to senior citizens and people of determination.