IslamicFinance.de

Dubai Islamic Bank (DIB) is to offer UAE nationals mortgages worth 100 per cent of their property in conjunction with the Mohammed Bin Rashid Housing Establishment. DIB will offer housing loans worth up to Dhs2 million over a 25-year period, with interest rates starting at 3.99 per cent. The announcement by DIB is in partnership with the Mohammed Bin Rashid Housing Establishment (MRHE), which ‘aims to enhance the quality of life for UAE nationals living in Dubai by helping them access superior housing’. The move flies in the face of impending regulations from the UAE’s Central Bank that is expected to cap lending for local first-time homeowners to 80 per cent of the home’s value and 75 per cent for expatriates, with lending for additional homes expected to be capped at 65 per cent and 60 per cent.