The Mohammed bin Rashid Housing Establishment (MBRHE) has announced that it will be granting 171 new housing loans valued at Dh128,250 ($34,917) to Emiratis in Dubai.

Three types of loans will be offered to the nationals - a private housing loan for the construction of a residential property, a residential loan for the purchase of a built residence and a renovation loan for the sole purpose of housing renovation.

Sami Gargash, deputy managing director of MBRHE, said all applicants who meet the Establishment’s criteria will receive loans. The residential loan is for Dh750,000 while the renovation loan is valued at Dh300,000.

“We are also processing applications submitted by Nationals to other foundations that previously handled housing loans in Dubai,” he added.

To secure additional funds, MBRHE will co-ordinate with National Banks and Financial Institutions in the UAE.-TradeArabia News Service