Ashik Islam, special correspondent: Sheikh Zayed Housing Programme Launches Initiative to Finance Housing Loans for Citizens, Prioritizing Senior Citizens
The Ministry of Energy and Infrastructure, through the Sheikh Zayed Housing Programme, has unveiled a new initiative aimed at securing the financing of housing support decisions for citizens who qualify for housing loans. A key focus of this initiative is to prioritize and provide enhanced support to senior citizens. This move underscores the UAE’s commitment to ensuring stable and accessible housing for all its citizens, particularly its elderly population.
As part of the Year of Community initiatives and with the aim of providing comprehensive insurance coverage, the initiative aims to provide life insurance coverage that fully secures the value of the housing loan. It addresses previous challenges faced by this group, where the maximum loan coverage age was limited to 70 years, leading to the rejection of some financing applications.
Designed for fairness and affordability, this unified insurance coverage ensures that all eligible Emirati citizens utilizing housing loans are financially protected. It offers peace of mind by covering death and total permanent disability from any cause, including accidents, with comprehensive coverage extending until the insured reaches 95 years old, securing the future of Emirati families.
The Ministry indicated that the initiative is being implemented in collaboration with the Central Bank of the UAE, financing partners, and Takaful service providers, along with a wide range of national insurance companies, including Sukoon Takaful, and Abu Dhabi National Insurance Company (ADNIC).
Suhail Mohamed Al Mazrouei, Minister of Energy and Infrastructure, affirmed that the initiative aligns with the leadership’s directives to enhance the stability of Emirati families and ensure a decent life for all segments of society.
“For our wise leaders, the comfort and happiness of citizens are paramount. This initiative beautifully illustrates the UAE’s steadfast dedication to providing proper housing, recognizing it as a cornerstone of overall development. It’s a significant move to assist our senior citizens, specifically designed to ease the financial burdens they might face with housing, thereby boosting their quality of life and strengthening family bonds.”
Al Mazrouei added that collaboration with the banking sector and national insurance companies reflects the UAE’s strategic vision of building sustainable partnerships that support social and economic development. He praised the ongoing efforts to develop the housing system in the UAE into a global model.
Mohamed Al Mansouri, Director-General of Sheikh Zayed Housing Programme, affirmed that the initiative embodies the leadership’s forward-looking vision to empower Emirati families and strengthen their social stability.
He explained that through this initiative, the program aims to provide flexible financing solutions that meet the needs of senior citizens, while ensuring comprehensive insurance coverage to protect them from financial risks.
Al Mansouri pointed out that raising the maximum loan coverage age to 95 years marks a qualitative shift in housing policy, as it opens broader opportunities to benefit from housing support, enhancing social equity and reducing rejection rates caused by insurance or financing constraints.
In line with the initiative, the Central Bank of the UAE has issued a new regulatory notice allowing banks and financing companies to adopt more flexible financing models. The notice also permits financing for citizens with existing mortgages, provided that the new property serves as their primary and actual place of residence.
Citizens benefiting from the national loan programme are included after verifying their repayment capability, which enhances the inclusiveness of the initiative and ensures fairness in the distribution of housing support.
This initiative is part of a series of achievements by the Sheikh Zayed Housing Programme, reflecting the UAE’s commitment to enhancing the quality of life for its citizens. In recent years, the programme has undergone strategic developments that accelerated the housing support process, improved customer satisfaction, and expanded partnerships with the banking and financial sectors.
In support of the initiative to provide housing for senior citizens and special insurance protection for housing loans, the Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Programme, and Takaful service providers signed a partnership agreement with both Abu Dhabi National Insurance Company (ADNIC) and Sukoon Takaful.
