Tuesday, July 3, 2023 at 19:25 pm
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