good news. On Mon, Jan 21, 2013 at 3:12 PM, Aneet Kumar <[email protected]> wrote:
> No mortgage cap: UAE Central Bank Governor Suwaidi says it is working on > new cap system to be enforced in 9 months > By > > - Staff > > Published Monday, January 21, 2013 > > The Central Bank has ended controversy surrounding new caps on banks’ > mortgage credit in the UAE, saying it has not yet enacted any laws in this > respect. > > Central Bank Governor Sultan bin Nassir Al Suwaidi, in his first comment > on the issue, said he had not sent any circular in this regard to the > country’s 51 banks, but added that the Central Bank is working on new cap > rules. > > “The Central Bank has not sent any circulars to banks asking them to > enforce new cap rules for mortgage credit,” he told the semi-official daily > Al Ittihad. > > “We have only issued an alert to banks telling them that the Central Bank > is currently preparing a new mortgage credit system, which will cap such > credits. We only asked banks to brace for these rules.” > > Suwaidi said the new rules could be enforced within six to nine months > only after they are discussed with the country’s banks. > > “What has happened here is a misunderstanding by the media. We have not > issued any circular or decision in this respect. What we issued was only an > alert to banks regarding new rules and criteria which they should expect,” > Suwaidi said. > > “The new system will lead to an increase in liquidity to the real estate > sector when it is enforced. We are now planning to conduct a survey among > the banks regarding the proposed cap for the mortgage credit and associated > rules. After we each a proposal, it will be presented to the Central Bank’s > board for approval.” > > Suwaidi said the new system would boost mortgage lending in the UAE, the > second largest Arab economy, as all issues related to the period of credit, > monthly installments and mortgage will be clear to banks and clients.” > > “This will of course open the door to banks which have been reluctant to > provide mortgage credit to enter this field,” he said. > > On December 31, the Central Bank was reported by the Arabic language media > as telling local banks to limit their mortgage loan to expatriates to 50 > per cent of the property value of the first unit and 40 per cent for the > second and other units. > > Credit to Emiratis was capped at 70 and 60 per cent respectively. > > Unlike Saudi Arabia, the UAE, the second largest Arab economy, does not > have a mortgage law but is planning to enact such legislation. > > -- > *Thanx & Regards * > * * > *Aneet Kumar* > * > > MOBILE NO. +971-55-2320168 > BBM PIN: > 2A1BF1B5 > > * > > > > -- > *~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~* > To send email: [email protected] > Suggestions & Complaints: [email protected] > > LinkedIn Group: http://www.linkedin.com/groups/Best-Property-4391145 > Facebook Group: http://www.facebook.com/groups/bestproperty > > > -- Aziz khattak MANAGER PRIME HOME PROPERTIES 055-8870255 50-2319544 -- *~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~*~-~* To send email: [email protected] Suggestions & Complaints: [email protected] LinkedIn Group: http://www.linkedin.com/groups/Best-Property-4391145 Facebook Group: http://www.facebook.com/groups/bestproperty
