Gulf In Focus - GULF STATES - ECONOMICS and FINANCE - UAE central bank sets early exit fee limit for mortgages.

The Central Bank of the UAE directed local banks to reduce the early settlement fee on mortgages to a maximum of 1 percent or Dh10,000, whichever is less, to those borrowers who want to exit their mortgages early. The apex bank said in a circular that borrowers who had already paid 3 percent settlement fee can get the refund from their banks within 30 days. The early settlement fee was set at 3 percent in June 2018. "Early settlement or partial settlement fee for applying to home loans has been reverted to maximum one percent...