Hamdan approves 600 housing loans worth Dh600 million

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The Mohammed bin Rashid Housing Establishment recently raised the value of the housing loan provided to Emirati citizens to AED1 million…reports Asian Lite News

His Highness 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 AED600 million to be provided by the Mohammed bin Rashid Housing Establishment as part of housing projects announced last year.

H.H. Sheikh Hamdan bin Mohammed said the decision reflects the vision of His Highness 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 AED1 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.

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Two days ago, in his capacity as Ruler of Dubai, His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has approved the Government of Dubai’s general budget for the fiscal cycle of 2022-2024, with a total expenditure of AED181 billion.

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 pays attention to citizens’ housing sector by raising the value of the housing loan to AED1 million and allocating more than 4,000 plots and houses with a total value of AED5.2 billion in the first phase of the housing programme for citizens in Dubai within a broader 20-year programme of AED65 billion.