Mohammed Bin Rashid Housing Establishment processes 47 requests to waive citizens’ mortgages installments
Mohammed Bin Rashid Housing Establishment, MBRHE, chaired by Mohammed Ibrahim Al Shaibani, has reviewed requests submitted by 47 UAE citizens to waive their remaining mortgage installments, which worth AED17.721 million
DUBAI, (Pakistan Point News - 20th Apr, 2020) Mohammed Bin Rashid Housing Establishment, MBRHE, chaired by Mohammed Ibrahim Al Shaibani, has reviewed requests submitted by 47 UAE citizens to waive their remaining mortgage installments, which worth AED17.721 million.
The CEO of MBRHE Sami Abdulla Gargash said that the establishment is working on reviewing requests expeditiously, in accordance with the criteria outlined by the board of Directors. He added that the total number of exemptions in 2019 reached 65 requests worth AED22,793,000.
In turn, 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 Dh15,000 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 percent of the total mortgage.
If a request is rejected, applicants or their heirs can reapply for a waiver six months after the date of the rejection of the request, if circumstances have changed.