The UAE’s Sheikh Zayed Housing Programme has approved AED298.7 million in housing aid for Emiratis. The funding was approved for applications including for house construction, completion, purchase, maintenance, and upgrades.
The Sheikh Zayed Housing Programme is an initiative under the Ministry of Energy and Infrastructure (MoEI).
Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure said, “As we welcome the holy month of Ramadan, the month of giving, SZHP continues its endeavors to enhance family stability, ensure decent living, and improve the quality of life of UAE citizens. The UAE’s wise leadership is deeply invested in the government housing sector as it helps build a cohesive society that can contribute to the progress of our nation.”
Eng Mohamed Al Mansouri, Director of SZHP said, “We have set ambitious plans to meet the growing housing needs of UAE citizens. We work closely with our partners from the federal and local government, the private sector, and the banking sector to achieve these plans. The programme follows in the steps of the founding father, late Sheikh Zayed bin Sultan Al Nahyan, by contributing to the social wellbeing and prosperity of the people.”
Last year, it was announced that the Central Bank of the UAE (CBUAE) has raised the debt burden ratio (DBR) of Sheikh Zayed Housing Programme beneficiaries from 50 percent to a maximum of 60 percent, which could allow more borrowers to obtain financing.
As per the announcement, SZHP housing loans borrowers’ contribution of 15 percent in the down payment for the housing loans that their profit or interest is guaranteed and paid by the Federal Government, has been cancelled.
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