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UAE Central Bank Announce Change In Mortgage Regulations

August 3, 2014, Uncategorized, Posted By jim kane

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.

For further information please read: http://www.gnproperty.com/a/guides-buying-property/buying-property-dubai-and-uae-mortgage-hurdles