Abu Dhabi grants housing loans and waives repayments for Emiratis worth Dh2.8bn

About 1,500 Emiratis had their housing loans approved while 476 had their repayments waived

Abu Dhabi, United Arab Emirates. May 24, 2015///

Abu Dhabi skyline, view from Fairmont construction site near Marina Mall, for stock. Abu Dhabi, United Arab Emirates. The  Burj Mohammed Bin Rashid Tower is the tall pointed tower on the left. Mona Al Marzooqi/ The National 

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Almost 2,000 Emiratis were granted housing loans or had their debts cleared by the Abu Dhabi government on Monday.

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, said housing loans should be granted to 1,500 Emiratis and that 476 retired UAE citizens should be exempted from loan repayments.

The loans and repayment costs have a total value of Dh2.78 billion.

Sheikh Mohamed gave the order following directives from President Sheikh Khalifa.

It is the second round of housing loan approvals made in the emirate this year and coincides with Eid Al Adha to “ensure social stability and enhance UAE citizens’ living standards”, authorities said.

The UAE capital aims to double the number of housing loans issued to Emiratis as part of Abu Dhabi Government Accelerator Programme, Ghadan 21.

Emiratis who have worked for at least 15 years and lived in the UAE for a decade or longer can apply for loans ranging from Dh500,000 to Dh2.25m from the government to buy a home or plot of land on which to build a house.

This loan is repaid over the remainder of their lives but can sometimes be waived by order of Sheikh Mohamed. Typically, these directives exempt retired or low-income Emiratis.

The loans are distributed by Sheikh Zayed Housing Programme but Emiratis can alternatively apply for a pre-built home with Abu Dhabi Housing Authority.