The United Arab Emirates central bank has agreed, in principle, to soften plans to introduce limits on mortgage lending for residential properties following a plea by commercial banks, central bank and banking sources said on Thursday.
After a meeting with bank executives on Wednesday, the central bank agreed in principle to banks' demands that caps on mortgages should be set at 75 percent of the value of a property for foreigners who are first-time buyers and 80 percent for local citizens, the sources said.
Ratios for subsequent homes would be 60 percent for expatriates and 65 percent for UAE nationals.
Read More: http://www.arabianbusiness.com/uae-cen-bank-agrees-on-mortgage-caps-495728.html
Quite reasonable, I'd be surprised if it were any lower than 25%, especially at a time when mortgage rates are so low.
ReplyDeleteBut 50%!? wow, glad they didn't go through with that, I'm planning to buy property soon, let's hope they stick to this one.