UAE – Mubasher: The Central Bank of the UAE has taken a group of measures to ease mortgage loan requirements for customers and finance companies, according to an official statement.
The recent measures include lifting of the 70-year old maximum age requirement at the time of the last mortgage repayment. The new regulation stipulates that age requirement will be determined by lenders as per their risk management and lending policies.
“We have carefully considered the feedback that we have received from bank customers across the UAE, and have acted swiftly to address and resolve their concerns,” the central bank’s governor Mubarak Rashed Al Mansoori said.
Moreover, partial settlements fee of home loans will be reduced from 3% of the outstanding balance to 1% of the outstanding balance, or AED 10,000.
“These amendments are designed to ease requirements of mortgage loans and will be applied with immediate effect. We will remain committed towards protecting consumers, as well as enhancing monetary stability in the UAE through policy-making and compliance monitoring,” Al Mansoori commented.
