A new mortgage law has been issued in Dubai in an attempt to regulate Dubai's booming real esate sector.
The law is designed to protect the rights of lenders and borrowers and improve transparency.
Some main points to the new legislation include;
*Mortgage contracts should be registered with the land department, specifying the size of the loan, the repayment period and the value of the property to which the loan is linked.
*Mortgages taken out on properties in Dubai should be sold by registered financial institutions, and be insured.
*Borrower and lender must present full financial documents when the mortgage is registered.
Is this law likely to affect you?
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