UAE announces new simplified home loans and major housing packages!

UAE announces new simplified home loans and major housing packages!

Friday 14 June 2024Wed 16 Feb
UAE announces new simplified home loans and major housing packages!

It comes as no surprise that one would love to own a property of their own in a city like Dubai. With a robust property market, down to hosting some of the world’s finest developments and bringing in a plethora of world-class amenities - there is nothing that can bypass the housing standards set here.

And to make things even easier, Sheikh Mohammed, Ruler of Dubai, has announced major changes to simplifying home loans for Emiratis - and we’ve got all the details you’d need!

So, what brought about this initiative for Emiratis?

This initiative comes as a part of a larger effort to provide better housing solutions and enhance the quality of life for UAE citizens. Not to mention, this initiative allows Emiratis to invest in the property market more comfortably.

How does his work?

Over the weekend, the UAE Cabinet - under the leadership of Sheikh Mohammed approved a comprehensive housing package of AED 1.6 billion.

This package includes the approval of 2,160 housing decisions under the Sheikh Zayed Housing Program for June 2024, making it easier for citizens to access funding for real estate.

What is the Sheikh Zayed Housing Program?

In case you missed it, The Sheikh Zayed Housing Program was launched as a strategic plan to provide sustainable government housing that ensures citizen happiness and boosts the state's competitiveness.

This plan is set to serve as a roadmap for a new phase of development, aligning with the government's vision for the future growth of citizens. Contributing to long-term housing goals for the next fifty years is a key priority for the program.

Looking into the streamlined housing loan procedures

The new housing loan approval system will work to simplify and streamline the process for citizens trying to obtain home loans.

Known as the “Manzili” bundle - this part of the initiative offers 18 different housing services, in collaboration with 24 federal and local government offices to ease the home loan process. This collaboration will significantly reduce the number of required entities from 11 to one and cut the necessary documents from 10 to just 2. Additionally, the number of steps in the procedure has been reduced from 14 to 3, making the entire process more easy for applicants.

Sheikh Mohammed shared the importance of this initiative saying - “We approved 2,160 new housing decisions for citizens under the Sheikh Zayed Housing Program valued at AED 1.682 billion. We also approved a project to simplify and reduce procedures within the program 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.”

But the “Manzili” bundle is not just about reducing paperwork. It also enhances the quality of digital government services. By simplifying procedures and speeding up the delivery of services, it aims to ensure a seamless experience for citizens.

This initiative also aligns with the broader objectives of the UAE government to reduce the time needed to complete government services by 50% and to re-engineer processes to offer proactive integrated services.

What does this housing package include?

The AED 1.6 billion housing package includes 437 housing decisions which are worth AED 297.65 million, following directives from Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE, to complete all previous housing grant requests. It also includes 1,654 housing financing decisions worth AED 1.3 billion in collaboration with national banks and financial institutions. Additionally, 69 government housing approvals worth AED 82.8 million are included.

These decisions are announced in line with the upcoming Eid Al-Adha holidays with an aim to offer citizens stability and provide suitable housing for everyone. The launch of the “Manzili” bundle and the significant financial commitment aligns with the UAE's 2013 plans to increase sustainable development and enhance the quality of life for its citizens.

How incredible is that?

Are you considering purchasing your property in Dubai? You can get in touch with our in-house mortgage experts to know all about these home loans!

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