Mohammed Bin Rashid Housing Establishment (MRHE) has joined hands with top bank Emirates NBD to to fund the UAE national housing scheme.

The loan packages will be on offer only for residences where construction has been completed or under construction by individual owners, said Mohammed Hamid Al Marri, assistant executive director for financial affairs, MRHE and Jamal Saeed Bin Ghalaita, Emirates NBD Group deputy CEO after signing the deal.

As per the agreement, Emirates NBD would pre-approve the loan applications of Emiratis applying for additional housing finance, only after the applicant had received approval from MRHE for the standard residential funding that all nationals are eligible to receive.

The applicant will also have to provide the necessary documentation and guarantees required as per the bank’s policies for the final loan sanction.

According to Al Marri, all Emiratis are eligible to receive an interest-free housing loan from MRHE for a maximum of Dh750,000 ($204184) to construct their own houses or buy a completed residential property.

The repayment conditions can range from 5 years to 25 years depending on the income levels of the applicant.

The duo later said the agreement was in line with the strategic objective of MRHE to further build and expand its partnerships with private sector organisations, banks and mortgage financiers to offer improved home loan solutions to the nationals.

On the partnership, Al-Marri said the objective was to re-energise public private partnerships between government organisations and various private sector institutions, to offer enhanced housing finance solutions for nationals through improved co-operation.

Bin Ghalaita said, “As one of the major banks in the UAE, Emirates NBD strives continuously to strengthen partnerships between various sectors in the country to further drive development and economic and social integration.

"Our partnership with the MRHE is in line with the objective to offer UAE Nationals innovative financing solutions that meet their requirements and help them realise their dreams of building their own homes," he added.-TradeArabia News Service