Latest news with #housingloans
Khaleej Times
6 days ago
- Business
- Khaleej Times
Dubai: Sheikh Hamdan exempts over 300 citizens from housing loans worth Dh101 million
Dubai's Crown Prince ordered the exemption of over 300 citizens from repaying their housing loans on June 4. The decision ensures that 303 citizens are exempted from repaying housing loans worth Dh101 million ahead of Eid Al Adha. The directives for the initiative are by Dubai's Ruler.
Independent Singapore
11-05-2025
- Business
- Independent Singapore
Don't borrow cash to the limit: 32 y/o woman faces HK$60K/month housing loans after real estate gamble backfires
HONG KONG: A 32-year-old woman investor from Hong Kong is now struggling to pay HK$60,000 monthly to cover her housing loans after a decline in Hong Kong's property market, wiping more than HK$10 million off her portfolio. Known only as Charlene, she advised others not to 'borrow to the limit'. According to Dimsum Daily Hong Kong , which cited her interview on a Now TV programme, Charlene once held a multi-million five-property portfolio in her late twenties, with homes in Shenzhen, Macao, and Hong Kong. Now, three of those properties are in negative equity, leaving her with over HK$10 million in paper deficit. Her standard of living was also affected as she struggled with her monthly repayments. Charlene got into property investing during her university days, using her profits from stock trading to buy her first flat — a 1,000-square-foot unit in Shenzhen. She bought it for HK$1.88 million in 2015 and sold it eight months later for HK$3.22 million. The quick gain pushed her to keep buying, and over the next ten years, she built a five-property portfolio. However, in 2020, she bought an 800-square-foot flat in New Territories West for HK$9.5 million, putting only 20% as a down payment, believing 'prices would rise forever'. Now, amid declining property prices in the city, her Hong Kong flat is worth under HK$7 million, less than what she still owes. With three of her homes in negative equity, she's now paying HK$60,000 each month to cover her loans. She's had to use up most of her savings, and at one point last year, her bank account was down to just HK$5,000 to 6,000. She noted she had to cut back heavily on her meals, swapping her HK$2,000 to HK$3,000 restaurant meals for home-cooked food or HK$800 to HK$1,000 lunches. 'I sacrificed everything for these flats,' she lamented. Netizens criticised her still 'lavish' spending habits. One netizen said, 'Eating HK$1,000 lunches while claiming poverty? This isn't relatable hardship.' Meanwhile, another poked at her investment strategy, saying, 'She chased quick gains without risk assessment—leverage works both ways.' Charlene now carries around HK$20 million in debt across her properties in the Greater Bay Area. She admitted she went too far, saying, 'I wore too big a hat.' She advised others to avoid making the same mistake, saying, 'If you have HK$2 million, buy a HK$4 million flat—not HK$10 million. Don't borrow to the limit.' Dimsum Daily Hong Kong later reported that a financial analyst remarked Charlene had 'all-inned like a gambler', using debt in an attempt to chase quick gains. /TISG Read also: Did you know Singaporeans pay the most to own a BMW 3 Series (G20) in Southeast Asia?
Arabian Business
09-05-2025
- Business
- Arabian Business
Abu Dhabi housing
The housing benefits package will be distributed among 2,015 citizens which includes housing loans worth over $800m for 1,766 citizens in Abu Dhabi
The National
09-05-2025
- Business
- The National
Sheikh Khaled approves 14 new Abu Dhabi housing projects in Dh82 billion plan
Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi, on Friday approved 14 integrated housing projects across the emirate. These projects will involve the construction of 26,000 houses over the next five years, alongside the development of 9,000 residential land plots. The total budget is Dh82.7 billion and contributes towards the government's Year of Community drive. In line with the government's commitment to support family stability and social welfare, Sheikh Khaled also approved a series of benefits to the housing loans system. These include a community support subsidy of Dh250,000 to be automatically and retroactively deducted from the total loan amount for all housing loans totalling Dh1.75 million. He also approved the extension of loan repayment periods to up to 30 years. Further flexibility will be introduced in determining monthly repayment values, which will now be adjusted based on monthly income. A deferred-payment home purchase loan will also be introduced for low-income citizens aged 25 to 45, while those above the age of 45 will be eligible for ready-built home grants. In addition, citizens will be exempt from fees related to mutually agreed land plot swaps. Announced in January by President Sheikh Mohamed, 2025 was declared the Year of Community in support of a national drive to promote unity and inclusion across society. In a post on X, Sheikh Mohamed urged 'all those who call the UAE home' to contribute towards 'improving your community and ensuring that our nation remains an inspiring model of progress and prosperity'. Under the slogan Hand in Hand, the national initiative reflects the leadership's vision to foster a united and empowered community. 'Hand in hand, we will work to strengthen social bonds, foster shared responsibility, and unlock potential for inclusive and sustainable growth,' Sheikh Mohamed wrote. The initiative is being overseen by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikha Mariam bint Mohamed, Deputy Chairwoman of the Presidential Court for National Projects.
Zawya
09-05-2025
- Business
- Zawya
Khaled bin Mohamed bin Zayed approves 14 new housing projects
Under the directives of His Highness Sheikh Mohamed bin Zayed Al Nahyan, President of the UAE and Ruler of Abu Dhabi, His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, has approved 14 new integrated housing projects across the emirate. The projects will deliver 35,000 new housing benefits over the next five years, including 26,000 residential units for Abu Dhabi citizens, with a total budget of AED82.7 billion, in addition to the development of approximately 9,000 residential land plots. In line with the leadership's commitment to further enhance family stability and ensure social welfare, H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has approved a series of additional benefits to the housing loans ecosystem. These include a community support subsidy of AED250,000 to be automatically and retroactively deducted from the total loan amount for all housing loans totalling AED1.75 million, as per the 2023 housing benefits policy. H.H. Sheikh Khaled bin Mohamed bin Zayed also approved the extension of loan repayment periods to up to 30 years, helping to reduce monthly instalment amounts. Further flexibility will be introduced in determining monthly repayment values, which will now be adjusted based on the beneficiary's monthly income, taking into consideration any changes in financial circumstances after the loan is issued. Additionally, a deferred-payment home purchase loan will be introduced for low-income citizens aged 25 to 45, enabling them to choose from a wider range of available housing options. Citizens above the age of 45 will be eligible for ready-built home grants from the capital projects. Citizens will also be exempt from fees related to mutually agreed land plot swaps, to facilitate the exchange process and support stronger community and family bonds. Mohamed Ali Al Shorafa, Chairman of the Board of Directors of Abu Dhabi Housing Authority, said, 'We extend our sincerest gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for their generous directives and continued commitment to the wellbeing of Emirati citizens, and for strengthening family stability and social cohesion through the provision of high-quality housing.' Hamad Hareb Al Muhairi, Director-General of Abu Dhabi Housing Authority, said, 'We extend our gratitude to His Highness Sheikh Mohamed bin Zayed Al Nahyan and to His Highness Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, for these directives that will have a lasting positive impact on the lives of Emirati families, aligning with the goals of the 'Year of Community' initiative, which promotes social cohesion and underscores the importance of quality housing in building a strong and tight-knit society.' He added, 'The AED250,000 community support deduction will be applied automatically to all eligible housing loan beneficiaries. In addition, the new monthly deduction policy will be implemented on all housing loans issued after 2015, with a cap of 10 per cent of total income and a maximum monthly payment of AED10,000. This new policy, designed in line with the leadership's direction to ease financial burdens on citizens, will come into effect in September 2025.'
