UAE may ease new mortgage law
- United Arab Emirates: Thursday, February 28 - 2013 at 04:09
The UAE central bank has said the new restrictions on mortgages may be changed after protests by the country's lenders, Bloomberg has reported. On December 30, the central bank issued rules that restricted mortgages for expatriates to 50% of the value of a first home and 40% for the second. Limits also were tightened to citizens to 70% of value for the first dwelling and as much as 60% for a second, from no limit previously. "The central bank is not taking a binding position and is listening to what the banks have to say," said governor Sultan al- Suwaidi at a conference in Abu Dhabi. "What was published was not an order. The system that will be put in won't necessarily be according to the percentages that we published."
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