The Minister of Energy and Infrastructure, Suhail bin Muhammad bin Faraj Al Mazrouei, stated that the ministry has begun implementing a package of initiatives aimed at reducing the financial burdens related to housing for citizens wishing to obtain banking facilities, including raising the monthly deductions rate for those wishing from 50 to 60% of their salaries.
In his response to a question from member Sabreen Al-Yamahi, during the session of the Federal National Council today (Tuesday), he explained that the ministry had reached an agreement with local banks, providing for granting citizens the right to increase the rates of monthly deductions from 50 to 60% of the total monthly salary, including Contributes to speeding up and shortening the time period for repaying the bank loan.
Al-Mazrouei stated that the monthly deductions related to housing loans for citizens that the government takes on a monthly basis are low and do not constitute a burden on citizens, especially since they do not exceed 16% of the total monthly salary.
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