Post by : Mariam
Al-Faris
Photo: WAM
The Ministry of Energy and Infrastructure in the United Arab Emirates (UAE) has started a new plan to help Emirati citizens, especially older people, get the homes they need. This new initiative was launched through the Sheikh Zayed Housing Programme. The main goal is to provide insurance coverage for citizens who are receiving housing loans. The initiative focuses more on senior citizens, making sure they are not left behind.
This plan is part of the Year of Community Initiatives, showing that the government cares about making life easier and better for everyone. The idea is to give a safety net through insurance, especially for those who need help the most.
Who Is Involved in the Project?
To make this project a success, the ministry has joined hands with many important organizations. These include:
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The Central Bank of the UAE
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Takaful service providers
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National insurance companies like Sukoon Takaful and Abu Dhabi National Insurance Company (ADNIC)
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Banks and financial partners
This teamwork shows the UAE’s strong plan to support its citizens using both government and private organizations.
Minister Explains the Vision
His Excellency Suhail bin Mohammed Al Mazrouei, the Minister of Energy and Infrastructure, spoke about the new initiative. He said that this plan follows the vision of the country’s leadership, which wants every Emirati family to live happily and in comfort.
He said that having a proper home is a key part of building a strong society, and this new housing initiative is a big step forward, especially for older citizens. These changes will help seniors live more stable and happy lives by giving them the support they need to get housing.
Special Focus on Senior Citizens
One of the main goals of the plan is to help senior citizens who often face difficulties in getting housing loans. In the past, older people found it hard to get loans because of age limits or insurance issues. This new initiative aims to fix that problem.
The plan now allows people to get insurance coverage for housing loans until the age of 95. This is a big improvement because earlier, the limit was 70 years. Many seniors were being denied housing support just because of their age.
Working with Banks and Insurers
The project works together with many banks and financial institutions that support housing decisions under the UAE’s federal housing policy. Insurance coverage has been designed to be the same for everyone—i.e., low-cost and helpful. This way, every citizen who qualifies for a housing loan—now or in the future—will benefit.
The insurance will protect the borrower’s family if they die or become completely disabled due to an accident or illness. This protection will last until the age of 95, giving Emirati families long-term financial safety.
Role of the Sheikh Zayed Housing Programme
Engineer Mohammed Ibrahim Al Mansouri, the Director of the Sheikh Zayed Housing Programme, also shared his thoughts. He said that this initiative follows the country’s goal of giving Emirati families a stable and strong future.
He said that the plan offers flexible loan options that are specially made for senior citizens. These loans also come with full insurance protection so that families don’t have to worry about financial risk.
Raising the Age Limit: A Big Change
Before this initiative, the maximum age to repay a home loan was 70 years. This caused many older citizens to be denied loans, as they would not be able to finish paying before the age limit. Now, that age has been raised to 95 years.
This change is a game-changer for senior citizens. It allows more older people to apply for and get housing loans. It also reduces the chances of their applications being rejected because of age or insurance limits. In the long term, it helps improve social fairness and increases the number of people who can become homeowners.
Easier Rules for Home Loans
To make the system more inclusive, the Central Bank of the UAE has released a new regulatory notice. This notice allows banks and finance companies to be more flexible when giving out loans.
Now, citizens who already have a mortgage can also apply for new loans if the new property will be their main home. This helps more people to upgrade or change their housing situation based on their family needs.
Also, citizens who are part of the National Loan Program can now be included in this initiative—but only after checking that they can repay the loan. This makes the system more fair and thorough.
New Agreements with Insurance Companies
To make sure this new plan works smoothly, the Ministry of Energy and Infrastructure has signed new partnership agreements. These agreements were made between the Sheikh Zayed Housing Programme and Takaful service providers such as
These companies will help provide the special insurance coverage required for the new housing loans.
Partner Banks in the New System
Banks that are already approved under the Sheikh Zayed Housing Programme will now follow the new rules and offer the new insurance-covered loans. The main banks involved include:
These banks will help citizens, especially seniors, get the loans they need without facing age-related rejection or insurance problems.
A New Model for Global Housing Systems
Minister Al Mazrouei also mentioned that this new model is part of the UAE’s bigger plan to become a world leader in housing support. He praised everyone involved—from government bodies to banks and insurers—for working together.
By making housing affordable, fair, and insured, the UAE is creating a global example of how countries can take care of their people, especially the elderly. This initiative shows the UAE’s commitment to building a society where everyone has a chance to live with comfort and security.
The new housing insurance plan is more than just a financial program. It is a social promise that puts senior citizens first and helps all Emiratis move forward with confidence.
By raising the loan age limit to 95 years, providing full insurance coverage, and allowing more flexible financing rules, the UAE has made it easier for families to own homes and live better lives. This move will not only strengthen families but also build a stronger nation.
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