Hamdan clears 600 housing loans worth Dhs600m

Under the directives of His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, Sheikh Hamdan Bin Mohammed Bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, has approved 600 housing loans worth a total of Dhs600 million to be provided by the Mohammed Bin Rashid Housing Establishment as part of housing projects announced last year.

Sheikh Hamdan said the decision reflects the vision of Sheikh Mohammed Bin Rashid to provide the best living conditions for Emirati families as part of the Dubai 2040 Urban Master Plan that maps out a comprehensive plan for sustainable urban development in the emirate.

The Crown Prince added that Dubai is one of the world’s leading cities that places people’s happiness and quality of life at the centre of its development model, which enables it to provide an exceptional environment for individuals and families.

The Mohammed Bin Rashid Housing Establishment recently raised the value of the housing loan provided to Emirati citizens to Dhs1 million.

It also accelerated processing of loans and extended the loan repayment period to 25 years.

In addition, the Establishment announced various benefit schemes as part of its housing strategy that aims to design residential neighbourhoods to provide citizens the world’s best lifestyle and living environment for families.

Through its 2022 budget, Dubai continues to place a high emphasis on developing social services, and its healthcare, education and cultural sectors.

The budget also paid attention to citizens’ housing sector by raising the value of the housing loan to Dhs1 million and allocating more than 4,000 plots and houses with a total value of Dhs5.2 billion in the first phase of the housing programme for citizens in Dubai within a broader 20-year programme of Dhs65 billion.

The budget also focused on developing the Social Benefits Fund by supporting families and people of determination, which is set to consolidate Dubai’s position as one of the best cities in the world to live and work in.

WAM