ABU DHABI, 26th July, 2014 (WAM)--His Highness General Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Abu Dhabi Executive Council, has approved the AED2 billion new housing loans to 1, 000 citizens in the Emirate of Abu Dhabi.
The move follows the directives by President His Highness Sheikh Khalifa bin Zayed Al Nahyan.
The Abu Dhabi Executive Council instructed the Abu Dhabi Housing Authority to immediately pay the housing loans to the beneficiaries in accordance to the procedures in this respect. The new loans cover the needs of citizen across the Emirate of Abu Dhabi. 553 beneficiaries in Abu Dhabi, 404 in Eastern Region and 43 beneficiaries in the Western Region are entitled to the housing loans.
The gesture reflects keenness of the UAE President, the Crown Prince of Abu Dhabi, and follow up by H.H. Sheikh Hazza bin Zayed Al Nahyan, National Security Adviser, Vice Chairman of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Housing Authority, on provision of decent living conditions for families to ensure the socioeconomic stability.
It is worth noting that the government housing loan in Abu Dhabi is AED2 million, and refundable in equal monthly installments without profits. The citizens are exempted from paying 25 per cent of the total value of the loan granted to them upon completion of construction of the building. In addition to the exemption for once and specific percentages when a borrower citizen early repays the loan, as well as many other provided facilities.