The Emirates Development Bank (EDB) has launched a new finance scheme under which UAE nationals who have obtained relevant approvals from the country's major housing institutions including Sheikh Zayed Housing Programme, the Abu Dhabi Housing Authority, the Mohammed bin Rashid Housing Foundation and the Sharjah Housing Department.

The programme a supplementary loan of Dh3 million ($816,616) and another loan to buy a house worth Dh5 million ($1.36 million). The payment period is up to 25 years, in line with the requirements of the Islamic Sharia, reported state news agency Wam.

Through this programme, EDB aims to provide flexible loans to fund the purchase or construction of houses for UAE nationals, which will help in achieving one of the government's development goals of providing suitable housing, said the report.

The loan programme also aims to promote family stability, social cohesion and create a united community that can contribute to the development the of UAE economy, it added.