The UAE Central Bank has removed the 70-year age limit for the last mortgage repayment in order to ease mortgage loan requirements. The Central bank said that banks and finance companies will determine the age limit of their customers as per their risk management.
Real estate is one of the most vital sectors in the UAE economy, especially in Dubai. It accounts for 13.6 per cent of Dubai’s economy.
The bank had also amended regulations reducing the early or partial settlements fee of home loans from 3% of the outstanding balance to 1% of the outstanding balance, or Dh10,000, whichever is less. The reduction in the rate will be a welcome benefit for customers, offering them increased affordability and accessibility.