Ministry of Energy and Infrastructure Launches New Housing Loan Insurance to Support Senior Citizens
Launched under the Sheikh Zayed Housing Programme, the initiative ensures comprehensive insurance on housing support decisions, addressing previous challenges that limited loan coverage to citizens under 70. The goal is to enhance social equity, reduce financing rejections, and improve the overall stability of Emirati families.
The initiative offers unified, low-cost insurance coverage for cases of death or total permanent disability, whether by accident or illness. It is being rolled out in collaboration with the Central Bank of the UAE, national banks, Takaful service providers, and major insurers, including ADNIC and Sukoon Takaful.
Minister of Energy and Infrastructure Suhail Mohamed Al Mazrouei said the initiative aligns with the UAE's leadership vision of prioritizing citizen welfare, adding that it marks a significant step in supporting senior citizens and boosting financial stability.
The Central Bank has also issued a regulatory notice to allow more flexible financing models. Citizens with existing mortgages may now apply for new financing if the new home is their primary residence and they meet repayment requirements.
Mohamed Al Mansouri, Director-General of the Sheikh Zayed Housing Programme, described the move as a 'qualitative shift' in housing policy that enhances inclusiveness and supports long-term development.
This initiative is part of a broader strategy to modernize the housing sector, strengthen public-private partnerships, and ensure all citizens have access to secure and sustainable housing solutions.
News Source: Emirates News Agency
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