It allows the beneficiary to be eligible for exemption from repaying 10% of the remaining loan upon repaying the remaining loan installments in one installment.
General Conditions for Eligibility for Exemption due to Early Repayment |
- The repayment shall be for a housing construction loan, a housing demolition and reconstruction loan, or a housing purchase loan.
- The applicant shall earn an income exceeding AED 30,000 upon activating the loan.
- The applicant shall have completed construction and building of the housing or shall have completed the purchase and registration process.
- The applicant shall provide evidence proving connection of water and electricity to the housing by the relevant authority.
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