Customers of Emaar Properties have been given a breather in terms of extending the time for repayment of mortgages, a senior official of the company told Gulf News. The company introduced the facility one week ago and intends to continue for unspecified period of time.
The UAE government stepped in injecting Dh120 billion to ease banks’ liquidity squeeze. The Central Bank already executed the first two interventions of 25 billion each.
The credit crisis faced by the banks has made it difficult for customers to follow the original payment shemes. Extending the time will help them to reorganize their finances according the current situation. Earlier banks used to give loans on the same day the application was made. But now they have tighten the rules and morgage approval is complicated and time consuming process.
