• About Us
  • Privacy Policy
  • Contact
Mortgage Insurance Center
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
  • Home
  • Mortgages
  • Health Insurance
  • Home Insurance
  • Life insuranace
  • Finance Laws
    • Banking Laws
    • Assets
    • Interest Rate
    • Loans
No Result
View All Result
Mortgage Insurance Center
No Result
View All Result
Home Loans

Interest-free home loans lined up for 13,000 Emirati families

by Staff
May 26, 2022
in Loans
0
Interest-free home loans lined up for 13,000 Emirati families
0
SHARES
2
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Thirteen thousand Emirati families living in the Northern Emirates will be able to receive interest-free home loans under a new government plan, it was announced on Thursday.

A total of Dh11.5 billion ($3.1bn) will be given to select families in Sharjah, Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah in the first phase of the plan, which will take place between 2022 and 2026.

Emiratis must submit requests to the Ministry of Energy and Infrastructure to obtain housing loans through the country’s Sheikh Zayed Housing Programme.

The project was announced by Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, on May 9.

Having a home is a priority, it is not owning a fancy car and people need to get their priorities right

Suhail Al Mazrouei, Minister of Energy and Infrastructure

To be eligible, the main earning member of the household should have a monthly income of at least Dh15,000. Those eligible can apply for a loan of up to Dh800,000 but the monthly loan instalment should not exceed 16 per cent of the applicant’s salary.

Several local banks will disburse the loans, though it is not currently known which are on the list.

Borrowers pay the principal loan amount of Dh10.4 billion but the government will cover the interest rate of Dh1.1bn.

They can also buy construction materials at discounted prices after the ministry reached an agreement with a number of suppliers. The list of these suppliers will be released at a later date.

Suhail Al Mazrouei, Minister of Energy and Infrastructure, pictured at a previous event, said ensuring every Emirati family has a good quality home is a priority. AP

Suhail Al Mazrouei, Minister of Energy and Infrastructure, pictured at a previous event, said ensuring every Emirati family has a good quality home is a priority. AP

“The revised policy will help to clear the backlog of applications from previous years,” said Suhail Al Mazrouei, Minister of Energy and Infrastructure.

“A smart system will analyse the data and assess the circumstances of applicants based on the information they provide about their financial, social and housing conditions.”

This data will help the ministry to prioritise urgent cases.

“Having a home is a priority, it is not owning a fancy car and people need to get their priorities right,” Mr Al Mazrouei said.

Ministry employees will visit the homes of senior citizens and disabled people who may face difficulty in submitting online requests.

“After the programme was approved by the UAE Cabinet, we met with the Ministry of Finance to identify sustainable financing options in co-operation with local banks,” Mr Al Mazrouei said.

“The new programme will focus on the Northern Emirates — Sharjah, Ajman, Ras Al Khaimah, Umm Al Quwain and Fujairah.”

He said local authorities in Abu Dhabi and Dubai will provide separate housing financing for their citizens.

Approved designs for Emirati homes — in pictures

Updated: May 26, 2022, 3:10 PM



[ad_2]

Source link

Previous Post

Inlanta Mortgage Promotes Paul Buege to CEO

Next Post

Street art collective Subset planning documentary about legal battle over well-known murals in Dublin

Next Post
Street art collective Subset planning documentary about legal battle over well-known murals in Dublin

Street art collective Subset planning documentary about legal battle over well-known murals in Dublin

Popular Posts

Ajanta Pharma : Newspaper Advertisements
Life insuranace

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Staff
July 28, 2022
0

Close Provided by: TAIMING ASSURANCE BROKER CO.,LTD. SEQ_NO 4 Date of...

Read more

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

$1 billion in loans still available for agricultural funding in Ohio

How Long Do Car Accidents Stay on Your Record?

Rocket Mortgage Classic Wagers: Pick To Finish Top-10

Load More

Popular Posts

The perks and pitfalls of adjustable-rate mortgages in 2022

by Staff
June 13, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

by Staff
July 28, 2022
0

Propy introduces blockchain title and escrow service

Propy introduces blockchain title and escrow service

by Staff
May 26, 2022
0

Ajanta Pharma : Newspaper Advertisements

Taiming Assurance Broker : Announcement on behalf of the major subsidiary Link-Aim Life Insurance Broker Co.,LTD. to distribute dividends.

July 28, 2022

20% interest rate on credit cards! Here’s how to avoid paying those high rates :: WRAL.com

July 28, 2022
Edelweiss General Insurance launches India’s first on-demand, mobile telematics-based comprehensive motor insurance – SWITCH

Sens. Murphy, Blumenthal, Colleagues Reintroduce the Behavioral Health Coverage Transparency Act – InsuranceNewsNet

July 28, 2022

Categories

  • Assets
  • Banking Laws
  • Finance Laws
  • Health Insurance
  • Home Insurance
  • Interest Rate
  • Life insuranace
  • Loans
  • Mortgages

Tags

home loans mortgage personal loan
  • Privacy Policy
  • contact us

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • About Us
  • contact us
  • Home
  • Home 2
  • Home 3
  • Privacy Policy

© 2025 JNews - Premium WordPress news & magazine theme by Jegtheme.