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Sun 8 Dec 2019 08:55 AM

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Low-income Emirati families to have housing loans waived

Sheikh Mohammed bin Rashid Al Maktoum made the order, which applies to families whose monthly income falls below AED15,000

Low-income Emirati families to have housing loans waived

The Sheikh Zayed Housing Programme was set up in 1999 and provides low-income Emiratis with interest-free loans to be paid back over a 25-year period.

Low income Emirati families will not have to pay back housing loans to the Sheikh Zayed Housing Programme.

The announcement was made on Saturday by Vice President and Prime Minister of the UAE and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum and applies to families whose monthly income falls below AED15,000.

The exemption also applies to the families of deceased Emiratis, according to a report on the Emirates News Agency (WAM) website.

A statement said: “The order by His Highness Sheikh Mohammed bin Rashid Al Maktoum aims to alleviate the financial burdens of financially distressed families, which reflects positively on the social and economic stability of the families.”

The Sheikh Zayed Housing Programme was set up in 1999 and provides low-income Emiratis with interest-free loans to be paid back over a 25-year period.

The scheme, which is designed to help widows, senior Emiratis and the disabled, was introduce to make sure all Emiratis have safe and affordable housing.