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47 mortgages waived In the UAE for a total of US $4.8 million

26.04.2020
MBRHE credit company allowed some borrowers in the UAE not to repay their mortgage debt, but only on certain conditions.

The Board of Directors of the Mohammed Bin Rashid Housing Establishment (MBRHE), chaired by Mohammed Ibrahim Al Shaibani, assessed the requests submitted by 47 UAE citizens to waive their remaining mortgage payments.

MBRHE CEO Sami Abdullah Gargash said the decision reflects the leadership’s wish to alleviate the burden for citizens with a mortgage in such difficult times. MBRHE will review applications in accordance with the criteria of the Board of Directors. In 2019, this organization waibed a number of mortgage payments amounting to AED17.721 million (US$4,82 mln).

In accordance with the criteria established by the MBRHE’s Board of Directors, the decision to waive remaining mortgage installments is made based on a number of factors. Such a generous gesture depends on certain circumstances, for example,when the borrower has passed away, or has a health disability, or if the borrower is over 60 years old and/ or his monthly income does not exceed AED15,000 and does not cover higher financial obligations.

The waiver is also provided if the value of the applicant’s total assets does not exceed the value of all remaining payments on this particular mortgage, and is less than 50 percent of the total amount of the mortgage remaining to be repaid on the current loan.

If the request is rejected, applicants or their heirs may resubmit the application 6 months after the date of rejection of the request, if circumstances have changed.

The UAE government took such measures against the backdrop of the crisis caused by COVID-19, in addition to the previously announced help for tenants of residential and commercial real estate. Tenants in Dubai in most cases are exempted from paying rent over the next three months if the landlord is not a private person, and may well negotiate a rent reduction and rent free period even with their private landlords as well. Besides, the management of most free zones also exempts their tenants from various registration fees, provides discounts and other bonuses.

Real estate developers are doing the same for their off-plan buyers. More installments, discounts and incentives are available today for almost all categories of real estate tenants and buyers in Dubai, affected by the crisis associated with the pandemic, restrictions and stopping the business.

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