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UAE central bank approves revised LTV ratios
- United Arab Emirates: Sunday, March 31 - 2013 at 08:00
The UAE central bank has agreed, in principle, to soften plans to introduce limits on mortgage lending for residential properties following a plea by commercial banks, Reuters has reported, citing central bank and banking sources. "A preliminary approval has been given on the loan-to-value (LTV) proposals made by the Emirates Banks Association on behalf of banks," a central bank source said. The central bank agreed in principle to banks' demands that caps on mortgages should be set at 75% of the value of a property for foreigners who are first-time buyers and 80% for Emiratis, the sources said. Ratios for subsequent homes would be 60% for expatriates and 65% for UAE nationals.
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