DUBAI // Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, has issued a decree waiving up to Dh300,000 in mortgage repayment amounts if the borrower repays the loan before its maturity, the state news agency Wam has reported.
The decree states that to become eligible for the waiver, a mortgage holder with the Mohammed Bin Rashid Housing Establishment must repay the remaining amount, minus a stated percentage, in one instalment before its maturity.
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The loan holder must prove the house has been built and that they own it. The decree also states that the maximum amount to be waived is Dh300,000.
The board of directors will revise the waiver percentages every three years, or whenever they determine there is a need to, according to Wam, the state news agency.
The decree will annul all contradicting provisions in any laws, Wam reported.
newsdesk@thenational.ae
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