The emirates exempts 426 citizens from paying housing loans worth 146 million
Mohammed bin Rashid issues a decision exempting 426 citizens from paying housing loans amounting to 146 million, In accordance with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council and Chairman of the Supreme Committee for Development and Citizens Affairs, has directed that 426 citizens with limited income and families of the deceased be exempted from paying the remaining housing loans, amongst other conditions. His Highness asked the Supreme Committee for Development and Citizenship to monitor the decision's execution.
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In a tweet, His Highness remarked, "We directed that 426 citizens with limited incomes be exempted from paying their remaining housing loans." We will continue to undertake programmes and provide all necessary support to raise the level of living for all Dubai residents.
These exemptions coincide with Eid Al-Fitr and represent the leadership's desire to meet the requirements of residents and provide them with a good life, as well as its concern in citizens' conditions and desire to care for them.
Striving for stability
The wise leadership has approved a package of supportive housing facilities for citizens, including increasing the value of the housing loan for citizens in the Emirate of Dubai to one million dirhams without interest for the eligible groups, in the context of a desire to improve family stability for citizens and provide them with a decent life.
To help citizens, the monthly deduction for housing loan installments was reduced to 15% of the borrower's monthly income, the requirement to provide the balance to obtain a residential land was eliminated, and the value of some homes at the Mohammed bin Rashid Housing Establishment was reduced by about 10%.