The UAE has introduced a new initiative to streamline home loan applications for Emiratis, as announced by Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, on Tuesday.
This new government project aims to “simplify and reduce” the current procedures for obtaining home loans. Instead of navigating through 11 different entities, applicants will now only deal with one. Additionally, the number of required documents will be reduced from 10 to just two.
This initiative is part of the ‘Manzili’ housing services bundle, which includes the elimination of 2,000 government processes within a year and a reduction of the time taken by 50%. The bundle will offer 18 housing services while reducing service fields from 32 to 5.
Sheikh Mohammed also announced the approval of Dh1.68 billion in housing support for citizens under the Sheikh Zayed Housing Programme, which will fund 2,160 new homes.
This streamlined housing loan process is a component of the UAE’s Zero Government Bureaucracy Programme, aimed at cutting red tape and eliminating redundant procedures. The government has set a target to cut at least 2,000 procedures in one year and reduce processing periods by half.
As part of the zero-bureaucracy project, the second phase of the Work Bundle platform was also launched on Tuesday. This platform reduces the processing time for work permits and residency visas from 30 days to five days across the UAE.
