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Abu Dhabi, UAETuesday 19 June 2018

Dh7.5bn worth of housing loans distributed to Emiratis in Abu Dhabi

It is the first phase of an annual 5,000 housing-loan package for Emiratis in the capital that was announced by Sheikh Mohammed bin Zayed this month

Housing loans worth Dh7.5 billion will be distributed among Emiratis in Abu Dhabi as part of government efforts to provide its citizens with decent living standards.

Sheikh Mohammed bin Zayed ordered the distribution late on Tuesday night. It is the first phase of an annual 5,000 housing-loan package for Emiratis in the capital that was announced by the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces this month.

No-interest loans are ordinarily granted to Emiratis in Abu Dhabi for the construction, expansion and renovation of a home.

Emiratis are also allotted the land on which they build their homes by the government. Those who earn a lower income are granted land with houses already built – these are plots of land in government housing projects such as Al Falah and Riyadh City.

According to Abu Dhabi Housing Authority, Emiratis seeking to build their own home on a granted plot of land are provided a loan of between Dh500,000 to Dh2 million.

The amount is to be repaid on equal monthly or easy instalments, as specified by ADHA, over a period of up to 25 years.

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The new 2,500 housing loans will be distributed across 1,300 construction loans at a total value of Dh2.4bn.

Up to 700 loans, valued at Dh1.24bn total, will be granted to Emiratis seeking to complete renovation of existing houses. Some 75 loans valued at Dh133m will go towards those demolishing or reconstructing their houses entirely, for demolition and reconstruction, 100 loans worth Dh89.8m for maintenance and expansion, and 325 additional loans costing more than Dh382m.

On Tuesday, Sheikh Mohammed bin Zayed also approved the allocation of 696 residential plots and 798 government houses at a total value of Dh1.6bn, in addition to 163 loans, worth Dh195.6m, for citizens to buy ready houses in different areas of the Abu Dhabi emirate.

He also sanctioned projects to build government houses in various areas of the capital, including 306 units in Al Sad and 204 in Sweihan, and ordered an expansion programme with 588 houses in Al Dhafra ranches, at a total value of Dh1.5bn.

Abu Dhabi’s new housing plans will push the country towards having 70 per cent private residence ownership among Emiratis by 2020, which would make it number one in the world for home ownership among citizens.

At 69 per cent, the UAE has the second-highest amount of residence ownership after Singapore. However, Sheikh Mohammed bin Zayed, said this month that Abu Dhabi will double the number of housing loans and reduce waiting times for property allocation.