Banks take over the financing... and "Zayed Housing" pays the interest
13,000 housing loans amounting to 11.5 billion dirhams over the next 5 years
Al-Mazroui and Al-Mansoori during a media briefing to clarify the new policy for financing government housing programs loans.
From the source
Al Mazrouei: The cost of loans during the five years is 11.5 billion dirhams.
From the source
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The Minister of Energy and Infrastructure, Suhail bin Muhammad Faraj Faris Al Mazrouei, revealed that the ministry intends to issue 13,000 housing loan decisions, during the next five years (2022-2026), at a cost of 11.5 billion dirhams, explaining that national banks are financing loans with 10.4 billion dirhams. The Sheikh Zayed Housing Program will pay the bank interest cost of 1.1 billion dirhams, and the focus during the first three years will be mainly on covering the accumulated demands, and the focus will be on Sharjah and the Northern Emirates, within the framework of implementing the new policy for financing government housing programs loans, which it approved Cabinet, finally.
He said that the ministry, represented by the Sheikh Zayed Housing Program, will cooperate with national banks to finance the cost of housing decisions (loans) by the banks, while the ministry pays the cost of interest resulting from the value of decisions on behalf of the citizen through allocated budgets, with the beneficiaries' commitment to pay the principal of the loans to the banks. As was previously the case, without the beneficiary incurring any additional expenses, which contributes to doubling the number of loan decisions that can be issued annually, especially during the next five years, in addition to the sustainability of financing through partnership with the private sector.
Al Mazrouei indicated that the Ministry of Energy and Infrastructure has coordinated with the Ministry of Finance, on determining financing options with the financing banks, the guarantees required to be provided by the federal government, and determining the costs involved and the implementation mechanism according to the best possible conditions.
This came during a media briefing organized by the ministry, represented by the Sheikh Zayed Housing Program, in its office in Dubai, to clarify the new policy for financing government housing programs loans, and to define housing targets for the coming years, action plans in support of the aspirations of the UAE government, terms and conditions for entitlement to housing aid for citizens of the state, and orientation The future of the housing axis is one of the main axes that receive the attention of our wise leadership, the path of qualitative and ambitious achievements, and the updates on laws and regulations that will enhance cash flows and the governance of housing support loans.
Al Mazrouei explained that the new policy aims to unify efforts to serve the citizens who benefit from the Sheikh Zayed Housing Program, by providing banking facilities for housing financing, and searching for successful solutions that would reduce the financial burdens on the beneficiaries, praising the role of national banks in enhancing the stability of citizen families. Supporting the welfare and quality of life system, participating in meeting current and future housing needs, reducing the citizen’s journey time to obtain adequate housing, covering all accumulated requests, and raising the efficiency of loan financing.
He valued the country's interest under the leadership of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the State, and his brother, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and Their Highnesses, members of the Supreme Council of the Union and Rulers of the Emirates, in providing advanced infrastructure and government housing. sustainable development that achieves happiness for citizens and the quality of their lives as a top priority, adding: “This was reflected in the adoption of huge budgets for the housing sector, the latest of which was the Cabinet’s approval of the Sheikh Zayed Housing Program loan budget of 12 billion dirhams over the coming years, and projects and initiatives to improve public facilities, And the establishment of integrated residential complexes with distinguished services that meet the aspirations and future needs of citizens.”
In response to a question for "Emirates Today", Al-Mazrouei said that the new housing policy plan will be implemented in several stages, as the first phase of this year will be until 2026, while completing the plan will extend until 2040, adding that "providing apartments for citizens is an option." It is proposed, but there is no obligation for citizens to choose a specific model of housing.”
And he continued, "In the future, the ministry may offer apartments if a group of citizens so desires, and this will be among solutions to address the challenges of providing plots of land, in some areas," noting that the ministry does not specify the size of the land, but its task is to determine the value of housing assistance, which It is offered by the government as a loan.
He stated that the Sheikh Zayed Housing Program will work diligently during the coming period to develop the customer's journey, reduce the required documents, facilitate procedures, use modern technologies such as Blockchain, and develop urgent, advanced plans to develop its services and upgrade them to distinct levels.
For his part, the Director of the Sheikh Zayed Housing Program, Mohammed Ibrahim Al-Mansoori, said: "There are three criteria for the housing calculator, which are social, physical and housing, which determine the status of the housing loan recipient."
In response to a question by "Emirates Today" about cases that deserve residential service, but they do not fall within the approved cases, Al-Mansoori explained that some requests received by the program, including those without parents, are studied based on specific regulations and laws, which included certain cases.
He added, "The program receives requests for cases that are not covered, and each case is studied separately, based on the housing calculator that relies on the data and documents provided by the applicant, in addition to cooperation in this with the concerned authorities," explaining that the circumstances of one case differ from another, and from Therefore, a female citizen with no parents applied for a housing service, but by studying her case it was found that she had an inheritance, which made her unworthy of housing assistance.
He stated that the competent committees review the housing assistance requests, then a decision is issued for each request, followed by the opening of the grievance door for a period of 30 days.
Suhail Al Mazrouei:
• «The new housing policy contributes to doubling the number of loan decisions issued annually».
Mohammed Al-Mansoori:
• «The competent committees review the housing assistance requests and issue their decision for each request, followed by the opening of the grievance door».
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