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RIYADH: The Central Financial institution of the UAE has outlined measures designed to curb elevated rates of interest on residential actual property loans which are unintended for funding.
The CBUAE’s new guidelines imply that in terms of clients with a month-to-month earnings of 40,000 dirhams ($10,890) or extra, banks are allowed to extend the deduction charge from the present 50 p.c degree to as much as 60 p.c to cowl the rise in rates of interest.
Nonetheless, banks should nonetheless pay any extra curiosity that outcomes from the speed enhance.
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