Emirates Development Bank launches housing loan programme

The Emirates Development Bank, EDB, has launched a housing loan programme for UAE nationals who have obtained relevant approvals from the country's major housing institutions - the Sheikh Zayed Housing Programme, the Abu Dhabi Housing Authority, the Mohammed bin Rashid Housing Foundation and the Sharjah Housing Department - during a meeting at its headquarters in Dubai, which was chaired by Obaid bin Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of the Board of Directors of the EDB.

The programme includes a supplementary loan of up to AED3 million and another loan to buy a house worth AED5 million. The payment period for the loans is up to 25 years, in line with the requirements of the Islamic Sharia.

Al Tayer stressed that the bank aims, through the launch of the housing loans, to provide flexible loans to fund the purchase or construction of houses for UAE nationals, which will help in achieving one of the government's development goals of providing suitable housing. The loan programme also aims to promote family stability, social cohesion and create a united community that can contribute to the development the of UAE economy, he explained.

The EDB represent the progress of the UAE’s banking sector, as it promotes the country’s overall efforts to support it comprehensive development while helping nationals to own their houses, he added.

He stressed that the bank also aims to achieve the Emirates Vision 2021, by implementing and promoting local development projects, as well as facilitating the provision of real estate credit, to fund the construction, maintenance and development of individual housing and urban and housing projects on behalf of the government. The bank will also represent the federal government in its joint projects or investment initiatives with other government authorities, according to a decision by the Cabinet of Ministers, Al Tayer concluded.