whatsappicon

Sheikh Mohammed Unveils Streamlined UAE Home Loans, Approves £334M Housing Package

UAE set to reduce criteria for citizens seeking home loans in the country

Owner's Profile

Staff Writer, TLR

Published on June 13, 2024, 18:23:42

107

£334 million  housing package

The UAE has simplified home loans for Emiratis and approved a housing package valued at more than £334 million. A new housing loan approval system will make it simpler for citizens to secure funding for real estate in the country.

The UAE Cabinet, chaired by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, sanctioned a new housing approval package for citizens valued at Dh1.682 billion (£334 million).

The package includes 2,160 decisions for beneficiaries of housing assistance in June 2024 under the Sheikh Zayed Housing Programme.

The Cabinet also endorsed the introduction of the “Manzili” bundle for beneficiaries of the Programme. This bundle provides 18 housing services to citizens through collaboration with 24 federal and local government entities, simplifying the customer journey and reducing the necessary documents by decreasing the involved entities from 11 to one and the documents from 10 to two.

The procedures are reduced from 14 to three steps, and the service fields from 32 to five. Sheikh Mohammed bin Rashid Al Maktoum said: “During the Cabinet meeting, we approved 2,160 new housing decisions for citizens under the Sheikh Zayed Housing Programme valued at Dh1.682 billion.

“We also sanctioned a project to simplify and reduce procedures within the programme in collaboration with 24 government entities. This will streamline the process, reducing the number of required documents for housing loan approval from 10 to two.

“We thank the teams working tirelessly to eliminate bureaucracy, re-engineer all government procedures, simplify them, and improve the lives of our citizens.”

These decisions coincide with the upcoming Eid Al-Adha and aim to achieve social stability. They align with the UAE’s ongoing policies of support and empowerment, ensuring a dignified life and suitable housing for all citizens.

Additionally, the “Manzili” bundle enhances the quality of digital government services, ensuring speedy delivery and simplified procedures for citizens.

The launch of the “Manzili” bundle aligns with the objectives of the upcoming phase, which includes eliminating 2,000 government procedures within a year, reducing the time needed to complete government services by 50 per cent, and re-engineering them to offer a new generation of proactive integrated services, making the UAE government the best globally.

The “Manzili” bundle provides 18 housing services in collaboration with 24 federal and local government entities, simplifying the customer journey and necessary documents.

This involves dealing with one entity instead of 11, reducing the documents from 10 to two, and procedures from 14 to 3. The service fields are reduced from 32 to 5.

Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, said: “The bundle supports the goals of advancing digital transformation and adopting technological solutions in designing future services. This ensures the achievement of national objectives and strategies by providing integrated digital services, improving the lives of community members and delivering leading services that enhance the happiness of citizens and facilitate their transactions.”

Eng. Mohamed Al Mansouri, Director General of Sheikh Zayed Housing Programme, explained that the bundle embodies the UAE’s commitment to accelerating the achievement of national housing objectives under the “We the UAE 2031” vision.

It highlights the UAE’s commitment to achieving sustainable development and enhancing the quality of life for its citizens. The Dh1.682 billion (£334 million) housing package includes 437 housing decisions worth Dh297.65 million (£59 million), following the directives of Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to complete all previous housing grant requests through the President’s initiatives with a total amount of Dh2.3 billion (£457 million).

It also includes 1,654 housing financing decisions worth Dh1,301,609,308 (£259 million) as part of the new housing policy plan in collaboration with national banks and financial institutions. It also includes 69 government housing decisions worth Dh82.8 million (£16 million).

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004Follow The Law Reporters on WhatsApp Channels.

Comments

    whatsappicon