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Sheikh Mohammed Approves AED 1.682 billion ($458m) Housing Package

Posted by Kelt&corealty on June 12, 2024
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The UAE government has decided to simplify the UAE home loan process for loan-seekers. In the latest development, Sheikh Mohanned Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Rule of Dubai, chaired a cabinet meeting and approved an advanced housing approval package valued at AED 1.682 billion ($458m) for the people of the UAE.

This new system will make the loan-obtaining process easier and smoother for people who intend to invest in the real estate sector by reducing the requirements to get a loan. The cabinet also backed the launch of the “Manzili” bundle—which provides 18 housing-related services to citizens—for beneficiaries of the current housing program.

This development simplifies the customer journey as the number of documents required for the process has been substantially reduced from 10 to 2 and involved entities slashed from 11 to 1.

Sheikh Mohammed bin Rashid Al Maktoum stated: “We approved during the Cabinet meeting 2,160 new housing decisions for citizens under the Sheikh Zayed Housing Program valued at AED1.682bn.

He further said, “We also approved a project to simplify and reduce procedures within the program in collaboration with 24 government entities. This will streamline the process, reducing the number of required documents for housing loan approval from 10 to two. We thank the teams working tirelessly to eliminate bureaucracy, re-engineer all government procedures, simplify them, and ease the lives of our citizens.

The purpose of this step is to promote a sense of social stability and ensure that every citizen of the UAE gets suitable housing facilities. It aligns with the UAE government’s policies to empower and support its people. On the other hand, the launch of “Manzili” is also aimed at improving the quality of digital services to ensure swift and simplified procedures.

By launching the “Manzili” bundle, the UAE government also accentuated its commitment to eliminating 2,000 government procedures within a year to limit the time required to obtain government services and extend proactive services to UAE residents.

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