Under the directives of the UAE President, Khaled bin Mohamed bin Zayed approves 14 new housing projects and additional housing loans facilities for Abu Dhabi citizens
ABU DHABI (ALETIHAD)Under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved 14 new integrated housing projects across the emirate.The projects will deliver 35,000 new housing benefits over the next five years, including 26,000 residential units for Abu Dhabi citizens, with a total budget of Dh82.7 billion, in addition to the development of approximately 9,000 residential land plots.In line with the leadership's commitment to further enhance family stability and ensure social welfare, H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has approved a series of additional benefits to the housing loans ecosystem. These include a community support subsidy of Dh250,000 to be automatically and retroactively deducted from the total loan amount for all housing loans totalling Dh1.75 million, as per the 2023 housing benefits policy.H.H. Sheikh Khaled bin Mohamed bin Zayed also approved the extension of loan repayment periods to up to 30 years, helping to reduce monthly instalment amounts.Further flexibility will be introduced in determining monthly repayment values, which will now be adjusted based on the beneficiary's monthly income, taking into consideration any changes in financial circumstances after the loan is issued.Additionally, a deferred-payment home purchase loan will be introduced for low-income citizens aged 25 to 45, enabling them to choose from a wider range of available housing options. Citizens above the age of 45 will be eligible for ready-built home grants from the capital projects.Citizens will also be exempt from fees related to mutually agreed land plot swaps, to facilitate the exchange process and support stronger community and family bonds.Mohamed Ali Al Shorafa, Chairman of the Board of Directors of Abu Dhabi Housing Authority, said, 'We extend our sincerest gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for their generous directives and continued commitment to the wellbeing of Emirati citizens, and for strengthening family stability and social cohesion through the provision of high-quality housing.'Hamad Hareb Al Muhairi, Director-General of Abu Dhabi Housing Authority, said, 'We extend our gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for these directives that will have a lasting positive impact on the lives of Emirati families, aligning with the goals of the 'Year of Community' initiative, which promotes social cohesion and underscores the importance of quality housing in building a strong and tight-knit society.'
He added, 'The Dh250,000 community support deduction will be applied automatically to all eligible housing loan beneficiaries. In addition, the new monthly deduction policy will be implemented on all housing loans issued after 2015, with a cap of 10 per cent of total income and a maximum monthly payment of Dh10,000. This new policy, designed in line with the leadership's direction to ease financial burdens on citizens, will come into effect in September 2025.'
Source: Aletihad - Abu Dhabi
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