Under the directives of Mohammed bin Rashid within the housing program for citizens in Dubai
Hamdan bin Mohammed approves housing loans of 600 million dirhams
«Mohammed bin Rashid Housing» provides pioneering services that include follow-up and management of the housing construction project.
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Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, approved 600 housing loans provided by the Mohammed bin Rashid Housing Establishment, worth 600 million. Dirhams, within the citizens’ housing program, with the aim of providing a decent life and adequate housing that meets the needs of national families, improve their quality of life, enhance their social stability and bring happiness to their hearts.
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said: "This step comes as a practical translation of His Highness Sheikh Mohammed bin Rashid Al Maktoum's vision of the Citizens' Housing Program, which is an integrated vision for a comprehensive and sustainable development model that places human happiness at the top of priorities and raises the quality of life, which is the most important thing. It was included in the objectives of the Dubai Urban Plan 2040.
His Highness added: "Providing adequate housing is one of the most important foundations on which family stability and social prosperity are based. Therefore, enabling citizens to live according to the best standards of dignified life is a major priority that the Dubai government spares no effort in fulfilling, in accordance with the highest standards and best practices." .
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, through a tweet on Twitter, said: "Under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, today, within the housing program for citizens in Dubai, we approved 600 housing loans, worth 600 million dirhams, with an increase in the value of the housing loan. For one million dirhams... we are following up on the housing file of citizens and everything that makes them happy and provides them with a decent life.”
Based on the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, and with the follow-up of His Highness Sheikh Hamdan bin Mohammed, the Mohammed bin Rashid Housing Establishment conducted an update on the loan disbursement service that it provides to its customers, where the value of the housing loan was raised to one million dirhams, as well as speeding up procedures For the approval of construction loans, while the period for repaying the loan is 25 years.
The monthly deduction for housing loan repayments was also reduced to only 15% of the borrower's monthly income, with the abolition of the requirement to provide the balance to obtain a residential land, in addition to exempting housing loan beneficiaries from procedures and inspection fees.
A variety of initiatives are available to facilitate citizens to build their residential villas in the Emirate of Dubai, which is to exempt them from mortgage fees for approved housing loans and electricity connection fees for those who build their homes for the first time, and the construction cost does not exceed four million dirhams, in addition to giving priority to family members. One to live in the same area, in a way that enhances family bonding and community cohesion.
The Foundation also provides distinguished housing services such as the unified model housing service, which allows beneficiaries who have obtained approvals from the Foundation to choose between 19 designs at different and competitive prices commensurate with the needs of families. It also provides additional services and facilities for citizens.
The directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, regarding the loans provided by the Citizens Housing Program, and the continuous follow-up of His Highness Sheikh Hamdan bin Mohammed, come as a pivotal support to complete the development model of the Emirate of Dubai, which is based in its essence on human happiness, enhancing the elements of a decent life for citizens, in order to Dubai will be “the best city for life in the world”.
• Raising the value of the housing loan to one million dirhams, and accelerating the procedures for approving construction loans.
Dubai Crown Prince:
• «The decision translates Mohammed bin Rashid's integrated vision for a comprehensive and sustainable development model that puts human happiness at the top of the priorities».
• «We are following up on the citizens' housing file and everything that makes them happy and provides a decent life for them.. Adequate housing is the most important foundation for family stability».
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