More than 800 Emiratis have obtained housing loans or have had their debts cleared by the government of Abu Dhabi.
Sheikh Mohamed bin Zayed, crown prince of Abu Dhabi and deputy supreme commander of the armed forces, said on Sunday that housing loans would be granted to citizens of Abu Dhabi.
He also issued an order that retirees and families of deceased mortgagees should be exempt from loan repayments.
The total value of loans and exemptions is 1.1 billion dirhams, of which 803 citizens will benefit, according to the statement released by the Abu Dhabi media office.
Sheikh Mohamed gave the order following the directives of President Cheikh Khalifa.
This is the last round of home loan approvals made in the emirate this year and coincides with Eid Al Adha. A total of Dh 3.31 billion has been distributed to citizens since January.
Emiratis who have worked for at least 15 years and have lived in the UAE for a decade or more can apply for loans ranging from Dh500,000 to Dh2.25 million from the government. It is about buying a house or land on which to build a house.
This loan is repaid over the rest of their life but can sometimes be canceled if a directive is issued. Typically, these guidelines exempt retired or low-income Emiratis.
The loans are distributed by the Sheikh Zayed Housing Program. An alternative program is managed by the Abu Dhabi Housing Authority.
Update: July 18, 2021, 7:49 a.m.