UAE cuts Home Loan Requirement for Citizens
The United Arab Emirates (UAE) introduced a new government scheme that will make it easier for Emiratis to apply for home loans.
The Vice-President and Prime Minister of the UAE and Ruler of Dubai, Sheikh Mohammed bin Rashid Al Maktoum stated on Tuesday that the government will simplify and decrease the procedures for applying home loan.
“Applicants who want to apply for a home loan will just need to deal with one entity instead of eleven. Number of documents require for approval reduced from ten to two,” Sheikh Mohammed further stated.
This initiative is part of the launch of the ‘Manzili’ home services bundle. Its aim is to remove 2,000 government processes within a year and to decrease the time taken by 50%. The bundle will include 18 housing services and reduce service fields to 5 from 32.
Housing support worth Dh1.68 billion for Emirates citizens is also approved by the UAE Vice-President. This housing support is granted under the Sheikh Zayed Housing Programme. This given approved amount will support the construction of 2,160 new homes for citizens.
A streamlined home loan process is part of the UAE’s Zero Government Bureaucracy Programme. The main aim of the Programme is to reduce red tape and eliminate all unnecessary procedures and regulations.
