Banks Implement New Mortgage Cap From December 28


News: The Central Bank of the UAE's new mortgage regulations were scheduled to be implemented from December 28 2013, according to an unnamed senior official with a local bank, reports Emirates 24|7. From December 28 2013 pre-approval letters issued to customers will be invalid, the source added. Under the new regulation, issued in October 2013, banks will be allowed to provide loans of up to 80% of the property value to local people and 75% to expatriates.

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Geography: United Arab Emirates