It is reported that the UAE Central Bank announced changes in the regulations of home loans this week. A higher deposit is now required when securing a home loan above Dh5 million.
On properties less than Dh5 million – expatriates have to put down a deposit of 25% while UAE nationals pay a deposit of 20%.
On properties above DH5 million – expatriates have to put down a deposit of 35% while UAE nationals pay a deposit of 30%.
Property bought off-plan requires a 50% deposit for both expatriates and UAE nationals.
The UAE Central Bank also urges banks to offer more competitive interest rates.
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