Wednesday 30 October 2013

UAE’s new mortgage cap rules are welcome | The National

UAE’s new mortgage cap rules are welcome | The National:

"The UAE has learnt the lessons of the global economic crisis by introducing measures to protect its property market and prevent reckless borrowing. As The National reports today, after almost 12 months of negotiations with local lenders, the UAE Central Bank has issued its rules for mortgage caps, which will effectively restrict how much a homebuyer can borrow against the purchase price of a property.

The new rules will restrict loans to 80 per cent of the property’s value for UAE nationals and to 75 per cent for expatriates. In addition, loan repayments should not exceed 50 per cent of the borrower’s monthly income. The maximum loan that can be provided to those buying property off-plan is 50 per cent of the purchase price."

'via Blog this'

No comments:

Post a Comment