Regulatory law on housing loans
President HH Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, has issued a law restructuring the statutes regulating the housing loans for citizens in the emirate.
The Law No. 9 (Year 2008) is meant to support the welfare of the citizenry and raises the maximum loan limit from the current AED 1.2mn to AED 2mn repayable within 30 years in equal instalments.
The new law also gives the debtors repayment exemptions which range from 15 to 25pc of the total loan provided they fulfil conditions specified by the articles of law.
Article 21 of the new law also exempts a citizen from repayment of the total amount if he becomes bankrupt or unable to earn.
/WAM/
The Law No. 9 (Year 2008) is meant to support the welfare of the citizenry and raises the maximum loan limit from the current AED 1.2mn to AED 2mn repayable within 30 years in equal instalments.
The new law also gives the debtors repayment exemptions which range from 15 to 25pc of the total loan provided they fulfil conditions specified by the articles of law.
Article 21 of the new law also exempts a citizen from repayment of the total amount if he becomes bankrupt or unable to earn.
/WAM/
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