25 C
Dubai
Friday, March 29, 2024
spot_img

Emirates News Agency – Ministry of Energy implements package of facilities for housing scheme borrowers: Suhail Al Mazrouei

[ad_1]

ABU DHABI, 7th March, 2023 (WAM) — Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, said that the Ministry of Energy and Infrastructure, in cooperation with the Central Bank of the UAE, and with the National Borrowers of the housing scheme implement a package of facilities to ease their financial burden.

The housing facility implemented under the Sheikh Zayed Housing Scheme requires borrowers to make a down payment for their housing units and increases the borrower’s credit limit from 50% to 60%. This is the debt load ratio or the percentage that a beneficiary or client is able to pay in monthly installments out of their gross salary or any income from a known specific source and the credit limit for retirees has been increased from 30 to 50% so that They can then benefit from housing loans.

The Energy and Infrastructure Minister emphasized that the monthly deduction for home loans is very low, not exceeding 16.75% of gross monthly income.

“These housing initiatives and facilities highlight the UAE government’s efforts to make people happy and improve their housing stability and quality of life,” he added.

The Central Bank of the UAE issued a circular to banks and financial companies across the country in mid-2022 to provide housing loans to beneficiaries of the Sheikh Zayed Housing Program to secure the above-mentioned facilities.

Hodr Nashar / Hazem Hussein

[ad_2]

Source link

Related Articles

UAE Expatriates Reclaiming Dubai as Home, Defying Migration Trends, Resilient Return

UAE Expatriates Reclaiming Dubai as Home, Experts Reveal The UAE is experiencing a notable shift in migration patterns, as more former residents who ventured to...

ADIB Spearheads Dh863 Million Shariah-Compliant Syndicated Loan Closure, Elevating Triumph

ADIB Secures Dh863 Million Shariah-Compliant Syndicated Loan Abu Dhabi Islamic Bank (ADIB) has proudly announced the triumphant conclusion of a Sharia-compliant syndicated transaction amounting to...

AI Robot Enforces E-Scooter Regulations on Dubai Beach, Empowering Safety

AI-powered robot patrols along the sun-kissed beaches of Dubai represents a paradigm shift in the realm of surveillance and enforcement. In a pioneering move towards...

Abu Dhabi Industrial Renaissance: Surging Ahead with a 51% Surge in Licences

Abu Dhabi Industrial Renaissance: Surge of 51% in Licences Signals Powerhouse GrowthThe latest figures released by the Abu Dhabi Chamber reveal a significant upswing...

Implementation of a global minimum tax have stirred curiosity and concerns among individuals in the UAE

Implementation of the Global Minimum Tax for UAE: Empowering Insights The Ministry of Finance (MoF) in the UAE has initiated a process to gather input...

Latest Articles