Dh2.4 billion in housing loans approved for citizens in Abu Dhabi
ABU DHABI // More than a thousand Emiratis in Abu Dhabi will benefit from Dh2.4 billion in new housing loans approved on Tuesday by the Executive Council.
Sums of Dh2 million each will be advanced to 879 UAE nationals in Abu Dhabi city and 323 in the rest of the emirate.
The loans are repayable in interest-free monthly instalments, with a 25 per cent exemption when construction of a new home is complete.
The new batch of loans reflect the leadership’s keenness to place citizens’ affairs at the top of their priorities and to provide all the requirements for decent living supported by social and economic stability, the council said on Tuesday.
The loan scheme is operated by the Abu Dhabi Housing Authority, which has helped thousands of Emiratis to move into their own homes since it was established under a decree by the President, Sheikh Khalifa, in December 2012.
Loans worth Dh3bn were disbursed in September 2013, Dh2.4bn in December 2014 and a further Dh2.4bn in May this year, providing assistance to nearly 4,000 people.
The scheme is separate from the Sheikh Zayed Housing Programme, which has also provided billions of dirhams in grants and loans since it was created in 1999.
Updated: September 22, 2015 04:00 AM