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Mortgage rules to be introduced in 6-9 months: UAE CB  Join our daily free Newsletter

MENAFN - 22/01/2013

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(MENAFN) UAE Central Bank governor Sultan Bin Nasser Al-Suwaidi expected the new mortgage laws to be introduced over the next six to nine months, the official news agency WAM reported.

The news agency cited Al-Suwaidi as saying that a circular issued December 31 capping mortgage loans for foreigners and Emiratis is not effective immediately.

The circular states that mortgage loans for expats should not exceed 50 percent of the property value of the first home and 40 percent for subsequent homes.

It also set mortgage loans for UAE citizens at 70 percent and 60 percent.

However, Al-Suwaidi said that these percentages were not yet definite.

The circular was issued after a partial recovery of house prices in Dubai and new plans for several large-scale projects in the Gulf emirate.

The new regulations aim also to protect the property market from a future hit such as the one in late 2008.

 






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