UAE Vice-President Announced Approval of Housing Support Worth Dh1.68 billion and Slashes Home Loan Requirements for Citizens

UAE Vice-President Announced Approval of Housing Support Worth Dh1.68 billion and Slashes Home Loan Requirements for Citizens

UAE Vice-President Announced Approval of Housing Support Worth Dh1.68 billion and Slashes Home Loan Requirements for Citizens

Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, said the UAE government would “simplify and reduce” the procedures for Emiratis in the home loan applications.

One of the announcements that came after the cabinet meeting on the 11th June 2024 is the simplification of the home loan processes and procedures from 11 entities to 1 entity and documents approval to be slashed from 10 to 2 approval norms.

This amendment will come under the launch of the scheme “Manzili” housing services bundle which intends to eradicate 2000 government procedures and processes with in a year thus reducing the time consumed by 50%.This undoubtedly enhances the efficacy of the government and the ease is welcomed with delight by citizens of UAE.

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The big announcement is the approval of housing support worth Dh1.68 billion under the Sheikh Zayed Housing Programme, the amount will cover a total of 2,160 new homes for citizens.

Under the UAE’s Zero Government Bureaucracy Program that aims to cut down red tape and eliminate stagnant procedures the housing loan process will also be streamlined, thus not only easing the housing loan process but also ensuring the quickness of closing the housing loan deals for the citizens of the UAE.

During the Feb 2024 the cabinet took a decision to cut down at least 2000 procedures in one single year which was truly an ambitious task however it seems to be that the government is on track in doing so by already reducing half of the procedures in the first half of the year.

Another amendment that has been announced is to reduce the time of Visa Processing both work permits and residency visa time from 30 days to 5days and if this is also implemented, it is a boon to people who had to wait a month long to acquire visas.

This announcement also comes as a part of the UAE’s Zero Government Bureaucracy Project and this is the second phase of the Work Bundle Platform.

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