UAE: Home loans worth AED1.6 billion benefit 2,000 Emiratis – News

Established in 1999, this housing scheme offers eligible UAE interest-free loans repayable over 25 years

The housing scheme, named after the late Sheikh Zayed bin Sultan Al Nahyan, continues to house thousands of Emiratis decades after its inception. The UAE Vice President announced on Sunday that he had approved housing loans worth AED1.6 billion for 2,000 Emiratis.

His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, said the loans are part of the Sheikh Zayed Housing Program (SZHP). Sheikh Mohamed tweeted: “The scheme – named after Sheikh Zayed, the founding father of the UAE – continues to fulfill the purpose for which he established it.”

The UAE Vice President recalled Sheikh Zayed’s words about money and life being temporary but serving the country is eternal.

Established in 1999, the housing scheme provides eligible UAE interest-free loans repayable over 25 years.

In March, the program announced the first beneficiaries of housing loans and grants worth more than AED435 million for 2023.

In May 2022, the UAE Cabinet approved a new family finance policy for UAE nationals.

According to this policy, housing loans should be financed through SZHP’s cooperation with the National Bank.

The UAE government stated on its official website: “Banks in the UAE shall take full responsibility for the loan financing process in the UAE and SZHP will finance the interest accrued on the loans on behalf of UAE nationals.”