Here comes a relief for both buyers and property dealers in the real estate market with banks and finance companies in the UAE taking a step to reduce their home loan rates. The mortgage rates have been high for more than a year now and this recent move is expected to broaden the buyers' base and boost the sagging fortunes of the country's real estate sector. Property developers who are scheduled to release thousands of finished property units into the UAE market this year will appreciate this move. Also a number of lenders have slashed mortgage rates for new and existing clients.
Quite a many banks have reduced their charges and increased their loan-to-value ratio [LTV] since the beginning of this year said Dean Biddulph, Senior Mortgage Advisor at Independent Finance.
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