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UAE Launches New Home Loan Initiative to Support Citizens

The UAE government has started a new effort to ease and improve the home loan clearance process for Emirati people. Under the new measures, residents will find it easier to receive funds to buy land in the country.

The UAE Cabinet, led by Sheikh Mohammed bin Rashid Al Maktoum, accepted an AED 1.682 billion (US$458 million) housing plan. It includes over 2,160 new housing approvals for beneficiaries of the Sheikh Zayed Housing Program in June.

The package also launched the "Manzili"bundle, which offers 18 housing services through collaboration between 24 federal and local entities. It reduces the number of involved entities from 11 to one and documents required from 10 to just two. Application procedures have also been cut down from 14 steps to only three.

The new housing package is worth AED 1.682 billion under the Sheikh Zayed Housing Program. It also contains 437 previous housing grant requests worth AED 297.65 million as directed by the UAE President. Over 1,654 new housing financing decisions worth AED 1.301 billion were also approved in collaboration with national banks. The new initiative aims to facilitate the home-buying process for citizens. It will consolidate services, eliminate bureaucracy, and simplify requirements. Applicants will now deal with a single entity instead of multiple ones. Additionally, the bundle utilizes digital technology to improve the delivery of services. It seeks to enhance customer experience and ensure swift processing of applications. The streamlined system is aligned with the UAE's goal of offering world-leading e-government services with minimized paperwork.

Officials said the housing package would contribute to social stability by supporting citizens seeking homes. It affirmed the UAE's commitment to empowering nationals and guaranteeing them suitable housing and standards of living. The timely launch near Eid also helps more families realize the dream of home ownership.

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