Banks have submitted a request urging the Central Bank to lower minimum downpayments on mortgages to first-time buyers by almost half.
Banks submitted a proposal to the Central Bank yesterday requesting that the 50 per cent minimum deposit for expatriates making their first property purchase be lowered to 30 per cent, according to two bank sources with direct knowledge of the matter.
Last month, the Central Bank directed lenders to impose a 50 per cent minimum downpayment and a 60 per cent deposit on their second sales. Emiratis must make a 30 per cent downpayment on their first purchase and 40 per cent on further sales. Since then, estate agents have warned that the mortgage market dried up almost overnight while banks have sought to lobby the Central Bank for a reprieve.
Fearing a collapse of property values and a hit to their profits, banks have submitted an alternative limit.
"A 70-30 [ratio of loans to value] would make better sense than 50-50," said one of the sources.
The Emirates Banks Association, the industry group which is leading lobbying efforts over the mortgage cap, submitted its proposal to the Central Bank yesterday.
"The proposal included a number of issues related to loan to value ratio, type of property (completed or under-construction) and the nature of the investor whether resident or non-resident," the lobby group said in a statement, declining to give further details.
The Emirates Banks Association had previously requested the Central Bank to postpone the implementation of the regulation for 30 days in order to allow banks to better assess the new rule.
ghunter@thenational.ae
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Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
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APPLE IPAD MINI (A17 PRO)
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SPECS
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The specs
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What is blockchain?
Blockchain is a form of distributed ledger technology, a digital system in which data is recorded across multiple places at the same time. Unlike traditional databases, DLTs have no central administrator or centralised data storage. They are transparent because the data is visible and, because they are automatically replicated and impossible to be tampered with, they are secure.
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However, one of the major problems that has come to light has been the presence of illicit material buried in the Bitcoin blockchain, linking it to the dark web.
Other blockchain platforms can offer things like smart contracts, which are automatically implemented when specific conditions from all interested parties are reached, cutting the time involved and the risk of mistakes. Another use could be storing medical records, as patients can be confident their information cannot be changed. The technology can also be used in supply chains, voting and has the potential to used for storing property records.
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The specs: 2018 Infiniti QX80
Price: base / as tested: Dh335,000
Engine: 5.6-litre V8
Gearbox: Seven-speed automatic
Power: 400hp @ 5,800rpm
Torque: 560Nm @ 4,000rpm
Fuel economy, combined: 12.1L / 100km
