Emirates Development Bank launches housing loans for citizens
DUBAI 11 October 2017: The Board of Emirates Development Bank (EDB) recently approved housing loans for citizens based on the following criteria:
1. Purchase a dwelling up to Dh5 million
2. Building housing up to Dh3 million
3. Financing ratio up to 100% of the value of the property
4. Repayment period of up to 25 years
5. Housing loans are compliant with Shariah requirements
“Through the launch of housing loans, we seek to provide flexible bank loans to finance the purchase or construction of citizens’ homes, provide adequate housing for citizens, contribute to enhancing family stability and social cohesion, and build a vibrant and interdependent society that will contribute effectively to the development and prosperity of the UAE economy,” said Obaid Humaid Al Tayer, Minister of State for Finance and EDB Chairman.
The bank aims to target all UAE nationals with loans from federal and local housing agencies and all citizens seeking housing loans for the purpose of building their own housing or buying a ready-made home.
All citizens who have received the approval of housing support from housing institutions in the country, such as the Sheikh Zayed Housing Program, the Abu Dhabi Housing Authority, Mohammed bin Rashid Housing, and the Sharjah Housing Corporation can apply for a supplementary loan of up to Dh3 million as Residential Assistance.