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Abu Dhabi ups limit on Emirati home loans
- United Arab Emirates: Wednesday, May 28 - 2008 at 07:23
Abu Dhabi has issued a new law regulating housing loans for locals in the emirate, according to state news service WAM. Law No 9 (Year 2008) raises the maximum loan limit for Emiratis borrowing from the Private Loans Authority from the current Dhs1.2m ($327,000) to Dhs2m, repayable within 30 years in equal installments with no interest. The law allows Emiratis to use the loan to buy a house, provided the house is not sold or the ownership changed until the loan is paid off.
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Jeff Florian, Senior ReporterWednesday, May 28 - 2008 at 07:23 UAE local time (GMT+4)
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