President of the UAE, Sheikh Mohamed bin Zayed bin Sultan Al Nahyan has ordered the dissemination of Dh1.5 billion ($410 million) worth of housing benefits to citizens of Abu Dhabi.
It is the second such development announced this year and coincided with the Eid Al Adha occasion.
The housing benefits will include grants for home loans as well as exemptions from loan repayments.
Over 1,000 Emirates citizens will profit from this package, including families and retirees in which the mortgage payer has died.
Earlier, in April, in the first housing package of this year, 1,347 citizens in Abu Dhabi got housing loans worth Dh2.36bn.
Sheikh Mohamed directed the payment of the loans as per the directives from then-President Sheikh Khalifa.
The United Arab Emirates’ government authorises land, free accommodation or a loan to eligible Emiratis who apply via the Housing Allocation Committee.
Established in 1999, the Sheikh Zayed Housing Programme offers low-income Emiratis with zero percent interest loans that are repaid over a period of 25 years. Widows, senior people and people with disabilities are given a priority.
The scheme was launched to assure all Emiratis have access to secure and affordable housing and essential services.
The UAE capital strives to double the number of housing loans provided to Emiratis as part of the Abu Dhabi Government Accelerator Programme, Ghadan 21.
Citizens of the UAE who have worked for at least 15 years and resided in the UAE for over a decade or longer will be able to apply for loans of Dh500,000 to Dh2.25m from the government to purchase a home or plot of land on which to construct a house.
This loan is reimbursed for the rest of their lives but can sometimes be waived by the directives of Sheikh Mohamed. Particularly, retired or people earning less are exempted from such directives.