Suhail bin Mohammed Al Mazrouei, Minister of Energy and Infrastructure, announced that the UAE Cabinet has approved a new policy for home financing for UAE nationals.
Al Mazrouei stated, “According to the new Housing Policy, UAE banks shall assume full responsibility for the process of loans funding for Emiratis, where SZHP shall fund the interests resulting from the loans on behalf of the UAE nationals.”
According to the new policy, housing loans will be financed through collaboration between the Sheikh Zayed Housing Programme (SZHP) and national banks, with the goal of ensuring sustainable funding sources, meeting current and future housing needs, strengthening the partnership between the government and private sectors, and simplifying the process of financing housing loans for UAE nationals who benefit from the programme.
“The new policy aims to combine efforts to serve Emiratis benefiting from the SZHP, by the provision of bank facilities in a way that should mitigate the financial burdens on the beneficiaries,” he added.
The minister commended the directives of the UAE leadership to ensure economic wellbeing and social welfare for UAE nationals.
The minister made the remarks in a briefing organised by the Ministry of Energy and Infrastructure, represented by SZHP, and attended by ministry undersecretaries and representatives to elaborate on the new policy.
It is worth noting that more than 86.3 percent of Emiratis own their own homes, which is one of the highest rates in the world.
- Suhail Al Mazrouei Announces New Housing Finance Policy for UAE Citizens
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