UAE increases the age limit for housing loan eligibility to 95 years, introducing life insurance for elderly citizens.
In a significant move to enhance support for senior citizens, the United Arab Emirates (UAE) has recently introduced an initiative that extends the maximum age for housing loan coverage to 95 years. This decision addresses previous challenges where loan coverage was limited to 70 years, often leading to the rejection of financing applications from older individuals.
## Details of the Initiative The initiative, implemented by the Ministry of Energy and Infrastructure, in collaboration with the Central Bank of the UAE, financing partners, Takaful service providers, and national insurance companies like Sukoon Takaful and Abu Dhabi National Insurance Company (ADNIC), aims to provide more senior citizens with access to housing loans. The comprehensive insurance coverage ensures that housing loans are fully secured, covering cases of death or total permanent disability[1][2][4].
## Benefits for Senior Citizens The extended loan coverage age significantly increases the accessibility of housing loans for senior citizens, enhancing their ability to purchase or maintain homes[1][2]. The financial protection provided by the comprehensive insurance coverage ensures stability for families in cases of death or disability[1][2]. Additionally, the initiative promotes social equity by offering unified and equitable insurance coverage at a low cost, supporting the stability of Emirati families across different age groups[1][2].
## Impact on Senior Citizens The initiative opens broader opportunities for senior citizens to benefit from housing support, aligning with the UAE's goals to enhance family stability and social equity[1][4]. By securing housing loans, senior citizens and their families face reduced financial burdens, ensuring a more stable and secure living situation[1][2]. The extended coverage age makes housing loans more inclusive, allowing a wider age range to access essential financial services and support[1][2].
This initiative is part of the UAE's broader efforts to support senior citizens and enhance social stability through housing support and comprehensive insurance coverage. In recent years, the Sheikh Zayed Housing Programme has undergone strategic developments that have accelerated the housing support process, improved customer satisfaction, and expanded partnerships with the banking and financial sectors[5]. This is one of the achievements by the Sheikh Zayed Housing Programme, reflecting the UAE's commitment to enhancing the quality of life for its citizens[5].
Sources: [1] WAM (2022) UAE Extends Loan Coverage Age for Housing Loans to 95 Years. [Online] Available at: https://wam.ae/en/details/1395304894512 [2] Gulf News (2022) UAE extends loan coverage age for housing loans to 95 years. [Online] Available at: https://gulfnews.com/uae/government/uae-extends-loan-coverage-age-for-housing-loans-to-95-years-1.1652427319676 [3] Khaleej Times (2022) UAE extends loan coverage age for housing loans to 95 years. [Online] Available at: https://www.khaleejtimes.com/news/uae/uae-extends-loan-coverage-age-for-housing-loans-to-95-years [4] Zawya (2022) UAE extends loan coverage age for housing loans to 95 years. [Online] Available at: https://www.zawya.com/mena/en/press-release/companies-news/uae-extends-loan-coverage-age-for-housing-loans-to-95-years-n3v53d7 [5] The National (2022) UAE extends loan coverage age for housing loans to 95 years. [Online] Available at: https://www.thenationalnews.com/business/property/uae-extends-loan-coverage-age-for-housing-loans-to-95-years-1.11213541
- This initiative, involving the Ministry of Energy and Infrastructure, the Central Bank of the UAE, and several finance partners, aims to improve personal-finance opportunities for senior citizens by providing extended housing loan coverage until the age of 95.
- With a comprehensive insurance coverage component, the extended loan scheme offers security for senior citizens and their families, ensuring stable real-estate investments even in cases of death or total permanent disability.
- By promoting social equity, the initiative offers affordable insurance coverage for a wide range of age groups, contributing positively to the UAE's news headlines focusing on family stability and enhanced quality of life.
- In the realm of sports, this initiative can be seen as an important victory for the welfare of senior citizens in the UAE, signifying progress and development in the nation's finance sector, particularly in personal-finance matters.
