UAE's SZHP reviews housing loans worth $19.4m for 188 Emiratis
SZHP to support families whose main providers have passed away, and whose monthly income is below $4,083 (AED15,000)
The Sheikh Zayed Housing Programme (SZHP) will exempt or decrease the debts of 188 UAE citizens who have outstanding amounts on their housing loans, following a decision by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai.
The UAE Minister of Infrastructure Development and chairman of the SZHP, Dr. Abdullah bin Mohammed Belhaif Al Nuaimi, announced that the decision would be applicable on housing loans worth $19.35m (AED71.1m).
The decision applies to $14.7m (AED54m) owed by 145 deceased citizens, as well as $13.77m (AED50.6m) in housing aid due to be paid to 135 deceased beneficiaries. 10 cases have received aid worth $898,440 (AED3.3m).
Furthermore, the decision exempts 43 citizens from having to pay back their debts worth more than $4.68m (AED17.2m) as their monthly income is less than $4,083 (AED15,000) or they are aged over 65 years.
The exemption is also in line with a previous decision to increase the income of people eligible for housing aid to $4,083 (AED15,000) and raise the value of loans in residential neighbourhoods to between $217,800 (AED800,000) and $326,700 (AED1.2m).
The programme not only provides housing aid, Al Nuaimi added, but it also monitors the conditions of citizens to ensure that the construction and housing aid process is going according to plan.
The SZHP aims to support families whose main providers have passed away and their children cannot pay their debts. These cases shall be submitted to the country’s leadership, whose goal is to provide citizens with housing stability and decent lives.