The Central Bank said that it took proactive steps to ease the requirements of home loans for bank and finance companies, after taking into account the views and comments of citizens and residents.
Amendments to the regulations include the abolition of the maximum age requirement (70 years) when the last mortgage is paid off. It also includes granting lenders the right to set the maximum mortgage repayment in accordance with their risk management and lending policies, giving customers more choice and flexibility. In a circular sent to banks and finance companies in the UAE, Emirates Today obtained a copy of it.The Central Bank's Board of Directors issued Resolution No. 96 (2019) to amend Circular No. (31/2013) On the mortgage loan system. The Central Bank added that through this decision, the age requirement, regardless of the nationality of the borrower, was canceled at the time of the last payment, provided that the age is determined by the lender according to the policies of risk management and lending to him, stressing that the decision becomes effective immediately.
Central Bank Governor Mubarak Rashid Al-Mansouri said in a statement issued by the Central Bank: “We have received different opinions from bank customers regarding the requirements of mortgage loans, and have been studied and taken into account, and these amendments are aimed at easing the requirements of mortgage loans, and take effect immediately We also affirm our commitment to consumer protection and continue to enhance monetary stability in the country by setting policies and monitoring their implementation. ”