"Energy and infrastructure" It launches an initiative to support the housing of senior citizens

Abu Dhabi, July 9 / WAM / The Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Program, announced the launch of an initiative to secure the financing of housing support decisions for citizens who benefit from housing loans, with a special focus on senior citizens, within the framework of the general community initiatives and in order to provide a comprehensive insurance protection umbrella.
The ministry said that the implementation of the initiative is carried out in cooperation with the United Arab Emirates Central Bank, financing partners, and equivalent service providers, as well as a large group of national insurance companies, which includes Sakun Takaful Company and Abu Dhabi National Insurance Company.
His Excellency Suhail bin Mohammed Faraj Faris Al Mazrouei, Minister of Energy and Infrastructure, stressed that the initiative comes in line with the leadership’s directives to enhance the stability of the Emirati family and provide a decent life for all groups of society.

He said that the rational leadership puts the citizen’s comfort and happiness at the top of its priorities, and that the initiative reflects the firm commitment of the UAE to provide adequate housing as a basic pillar of comprehensive development, and represents a qualitative step in the process of supporting senior citizens, as it was designed to address the challenges related to housing financing for this category, which enhances the quality of their lives and contributes to achieving family stability.
He added that cooperation with the banking sector and national insurance companies reflects the strategic vision of the state in building sustainable partnerships that support social and economic development, praising the efforts made to develop the housing system in the Emirates to be a global model.
The partnership includes a group of banks and banks involved in financing housing support decisions within the Federal Housing Policy. The insurance coverage has been designed to be uniform and fair, at a low cost, to ensure that all citizens eligible benefit from current and future housing loans.

Insurance covers deaths or permanent total deficit resulting from an accident or others, with the extension of coverage until the age of 95, providing long -term financial protection for Emirati families.
For his part, His Excellency Eng. Mohamed Ibrahim Al Mansoori, Director of the Sheikh Zayed Housing Program, stressed that the initiative embodies the advisory vision of leadership in empowering the Emirati family and enhancing its social stability, noting that the program seeks through this initiative to provide flexible financing solutions that meet the needs of senior citizens, while ensuring comprehensive insurance coverage that protects them from financial risks.
His Excellency pointed out that raising the upper limit for insurance coverage to 95 years represents a qualitative shift in the housing policy, providing wider opportunities to benefit from housing support, which enhances social justice and reduces the rates of rejection resulting from insurance or financing restrictions.
The initiative aims to support the various segments of society, with a focus on senior citizens, by providing life insurance that covers the value of entire residence, and this initiative addresses the challenges that were facing this category in the past, as the upper limit of the age of payment of loans was limited to 70 years, which in some cases led to the rejection of financing requests.

Thanks to the raising of this limit to 95 years, senior citizens can benefit from housing support more easily, which enhances the opportunities for housing and reduces insurance or financing risks that may hinder the achievement of this goal.
The United Arab Emirates Central Bank issued a new organizational notice that allows banks and financing companies to adopt more flexible financing forms, and allows the financing of citizens who have existing mortgages, provided that the new property is the first housing used for actual housing, and citizens who benefit from the national loan program are included after verifying their ability to pay, which enhances the comprehensiveness of the initiative and guarantees the achievement of justice in the distribution of housing support.
In support of the Housing Housing Initiative and the provision of special insurance protection for housing loans, the Ministry of Energy and Infrastructure, represented by the Sheikh Zayed Housing Program, and the Takaful service providers, signed a partnership agreement with both Abu Dhabi National Insurance Company (ADNEC) and Sakun Takaful Company.
The Takaful service providers, ADNEC and Sakhn Takaful, also signed a similar agreement with the banks and banks approved within the mechanism of financing the Sheikh Zayed New Housing Program Loans, which are Abu Dhabi Islamic Bank “Adib”, Abu Dhabi First Bank “FAB”, Dubai Islamic Bank “DIB”, Emirates NBD, and Ajman Bank.

• For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and Twitter