Sheikh Mohamed clears housing loans for more than 200 Emiratis

Housing loans worth Dh208 million wiped to improve quality of life among low-income citizens

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, welcomed US Treasury Secretary Steven Mnuchin to Sea Palace. Courtesy Crown Prince Court      
Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, welcomed US Treasury Secretary Steven Mnuchin to Sea Palace. Courtesy Crown Prince Court      

More than 200 Emiratis have been exempted from paying back their housing loans, by order of Sheikh Mohamed bin Zayed under the directive of President Sheikh Khalifa.

The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces called for 211 Emiratis, from the UAE capital, to be cleared of their loans totalling Dh208 million, on Saturday.

Emiratis, depending on their financial means, can apply for a prebuilt home or for land on which to build a house. Once the latter are granted a plot of land, they apply for a Dh2m housing loan to build their home. The money is automatically deducted from their monthly salaries over six to 10 years.

On Saturday, Jaber Al Suwaidi, director general of the Crown Prince Court of Abu Dhabi and chairman of the Abu Dhabi Housing Authority, said the exemptions were made to improve quality of life among low-income Emiratis and alleviate their financial burdens.

He said this was the first batch of exemptions and included retirees with low income. He added that more exemptions would be announced soon.

Updated: September 29, 2019 12:46 PM

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