The Board of Directors of the Mohammed Bin Rashid Housing Establishment (MBRHE), chaired by His Excellency Mohammed Ibrahim Al Shaibani, has reviewed requests submitted by 47 UAE citizens to waive their remaining mortgage installments.
The CEO of MBRHE Sami Abdulla Gargash said the decision reflects the leadership’s keenness to ease the burdens citizens holding mortgages face. The Establishment is working on reviewing requests expeditiously, in accordance with the criteria outlined by the Board of Directors. He said mortgage installments worth AED17.721 million were waived in 2019.
Meanwhile, Mohammed Humaid Al Marri, Assistant Executive Director of the Financial Affairs and Institutional Support Sector and Head of the Committee in charge of reviewing requests to waive mortgage installments at MBRHE, said according to criteria set by the Board of Directors, waivers on mortgage installments will be given if the mortgage holder has passed away; has a health disability; is over 60 years old, or has a monthly income of less than AED15,000 with higher financial commitments. Waivers will also be given if the value of the mortgage holders’ total assets is not higher than the value of the total remaining mortgage payments and repayment due is less than 50% of the total mortgage.
If a request is rejected, applicants or their heirs can reapply for a waiver 6 months after the date of the rejection of the request, if circumstances have changed. The strategic objective behind MBHRE’s decision to extend waivers is to ensure the welfare of citizens.