Dh2.9bn housing loans for 1,496 citizens

In line with the directives of President His Highness Sheikh Khalifa bin Zayed Al Nahyan and instructions of General Sheikh Mohammed bin Zayed Al Nahyan, Abu Dhabi Crown Prince and Deputy Supreme Commander of the UAE Armed Forces, the Abu Dhabi Executive Council has approved issuance of a new package of housing loans to 1,496 national beneficiaries at a total value of Dh2,992 million.

The loans will be provided through the Private Housing Loan Authority - Abu Dhabi.

The directives come as part of the leadership's keenness to provide decent and stable living standards to the citizens.

The Executive Council has instructed Abu Dhabi Finance Department to transfer the loan amounts to the respective banks, in order to inform beneficiaries of issuing the new package of loans to serve their choice of building or renovating their houses.

The step is part of the housing loans scheme announced by the Executive Council last June, which accounts for a total of AED 7 billion. It is also in the heart of the Abu Dhabi 2030 Vision which targets building of integrated, multi-purpose communities of world class homes and developing housing spaces across a broad spectrum.

Around 805 beneficiaries in Abu Dhabi will get housing loans totaling 1.6 billion, while a total amount of AED 788 million will be issued in loans to 394 beneficiaries in Al Ain. Some 297 citizens in the Western Region will receive housing loans of AED 594 million in total.

In 2008, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, issued, in his capacity as Ruler of Abu Dhabi, law number 9 for 2008 on restructuring the private housing loans for citizens in the emirate.

Article 17 of the law had raised the interest-free housing loan's borrowing limit from AED 1.2 million to 2 million, to be repaid in 30 years. The beneficiary gets an exemption equal to 22 percent of the total loan amount when the house construction is completed.