The Mohammed bin Rashid Housing Establishment has identified a number of cases that benefit from exemptions from the repayment of housing loans, namely, the death of the beneficiary, the inability of the heirs to pay the rest of the loan installments, and the incapacity of the beneficiary in whole or in part. To pay the installments of the loan, such as stop or decrease monthly income, pointing out that these cases apply for exemption to customer service, and then study their requests after the completion of the required documents, such as health certificates, salary certificate, and prove the absence of other income to the beneficiary.
Sami Gargash, CEO of Emirates NBD, said: "We have adopted the points system for exemption applications in the institution. The applicant receives a number of points in each requirement or criterion of exemption. "If the application is rejected, the beneficiary or his heirs may submit a new application six months after the date of the decision of the committee to their previous request, if there are convincing reasons for the request. The strategic objective Of the institution is represented in achieving the housing stability of the family Sultanate, providing a decent life for citizens and provide services in a distinct ». Gargash stated that the Group submits to the Board the applications that were accepted according to the specific requirements and criteria and then submits them to His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to adopt the list of exemptions. A lot of pressure on the beneficiaries, who cause certain conditions in their inability to pay ».
Gargash stressed that the Foundation is doing its utmost to decide on the study of pending applications with a view to reducing them in order to provide a decent life for the citizens. He pointed to the development of a plan to study applications from the evaluation stage within the institution's standards system to the preparation of technical and social reports for the target groups. The stage of processing the final lists, and the announcement of final approvals after adoption.
On the suspension of the loan repayment, Gargash said that this is done with a person who left his job and looking for another job, during the period of his search for a new job suspends the deduction for repayment of loan installments.
Gargash added that the institution has launched the «Awad» initiative, an initiative offering a non-refundable financial reward ranging between 75 thousand and 375 thousand dirhams, according to the repayment period of the housing loan contained in the approval. It is granted to the client who succeeds in completing the project of building his house from his own sources, and reaches the issuance of a certificate of completion before any payments from the institution, provided that he obtained the approval of the institution for the construction loan in advance.