AED5.2 billion Allocated for Housing Loan Limits for Emirati's

Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum has approved the allocation of 4,000 land plots and houses to citizens of Dubai at a cost of AED5.2 billion, as part of the first phase of an Emirati housing programme.

His Highness has also raised the limit for interest-free housing loans to AED1 million for eligible categories.

H.H. Sheikh Mohammed said housing and social infrastructure projects represent one of the government’s highest priorities. "Our housing projects are developed after taking into consideration the needs of the entire family as part of our efforts to create an environment that promotes social welfare and cohesiveness," His Highness said. "We will continue to implement high-quality housing projects to provide a decent life to our citizens," he said.

اعتمدنا اليوم رفع قيمة القرض السكني للمواطنين في دبي إلى مليون درهم .. ووجهنا بالبدء الفوري لمباشرة تخصيص 4000 قطعة أرض ومسكن للمواطنين بتكلفة 5.2 مليار درهم .. كما ذكرنا سابقاً سأتابع مع حمدان ومكتوم سياسة الإسكان بنفسي خلال الفترة القادمة ..

— HH Sheikh Mohammed (@HHShkMohd) September 27, 2021

Recently, H.H. Sheikh Mohammed bin Rashid approved the allocation of AED65 billion to an Emirati housing programme in Dubai. The budget will be spent over the next two decades to provide quality housing for Emiratis.

Directives to quadruple the number of citizens benefiting from the housing programme were issued. This will be effective from next year, and to increase the total area of land plots allocated to Emirati housing projects in Dubai to 1.7 billion square feet, which will help meet the demand from citizens over the next 20 years.

This article was previously published on UAE Moments.To see the original article, click here