“Energy and Infrastructure” launches an initiative to support the housing of senior citizens

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 Society” initiatives and with the aim of providing 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.

The Minister of Energy and Infrastructure, Suhail bin Muhammad Faraj Faris Al -Mazrouei, affirmed 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 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, with 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, the director of the Sheikh Zayed Housing Program, Engineer Mohamed Ibrahim Al -Mansoori, affirmed that the initiative embodies the advisory vision of leadership in empowering the Emirati family and enhancing its social stability, indicating 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.

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.

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 distributing housing support.