Bahrain
Kuwait
Oman
Qatar
Saudi Arabia
UAE
Lenders ramp up interest rates on home loans
by This email address is being protected from spam bots, you need Javascript enabled to view it on Thursday, 20 November 2008
Page 1
Results 1 to 7 of 7
Posted on Friday, 21 November 2008
Interest rates
Posted by Susan Valerian at 21:41 UAE time
All over, they are lowering interest rates. If they increase rates here and try to fleece those who trusted in them, it's a good reason why everyone else who plans to invest should stay away from this market.
CLICK HERE TO POST A COMMENT
Rates
Posted by Chris J at 16:25 UAE time
It is interesting that when the US rates were going up, we were told by the banks that our rates in the UAE had to follow the US. Suddenly, they are quoting EIBOR and LIBOR for justifying the increase when the US market, which we are pegged to has rapidly declining rates. When will the banks in this country finally start to be honest with consumers?
CLICK HERE TO POST A COMMENT
Banks hands are tied
Posted by JTGardner at 13:43 UAE time
People, get smart....the banks CANNOT lower their rates to stimulate borrowing, even if they wanted to they do not have the resources to do so. Also, contrary to what most would have you believe Dubai is not different and does not operate in a vaccum. Markets are integrated globally and although many said the credit crisis would not hit here, they couldn't be more mistaken. There will be a load more belt tightening before things ease.
CLICK HERE TO POST A COMMENT
advertisement
Once bitten
Posted by AL Ghaf at 12:13 UAE time
I used to have a mortgage with an Islamic lender in Dubai. They hiked the interest rate twice within 2 years and never informed me, it seemed that interest rates were a dirty little secret at that institution and they neve liked mentioning them.
On taking the mortgage they had omitted to tell me that after cashing the first 48 installment cheques, they would calculate the differnce in the interest rates and apply it. So each month I thought I was paying off my home, but after 2 years regular payments I ended up owing MORE than I borrowed.
I almost dropped my ice cream when I found that out.
And the kicker? They cahrged AED1000 to get a letter telling me how much more I now owed.
Never again.
CLICK HERE TO POST A COMMENT
Posted on Thursday, 20 November 2008
Interest rates.
Posted by Paul King at 16:44 UAE time
The fantasy is over! The encore has finished and it's time everyone woke up and faced reality. Property in this climate is and always will be a consummerable. It wears out faster than a modern car and we know how fast they lose value.
CLICK HERE TO POST A COMMENT
Lending Rates Increase
Posted by Waleed at 16:09 UAE time
I am no expert, but what little I know states that under the current circumstabces, interest rates should be lowered, not raised to encourage more lending.
If the common sense used by lenders makes no sense, should I get on the next train out of dodge?
CLICK HERE TO POST A COMMENT
Home Loans and Mortgages
Posted by Gareth at 15:32 UAE time
Yet again during a crisis the banks are trying to make more money. To stimulate what is become a flagging housing market the rates should be slashed. Also consider the GBP is now worth some 28% less against the dollar (thus dirham). Dubai and Abu Dhabi will never sell properties to the once expected droves which where banging on the door to live here. I believe flight bookings are down as is hotel bookings for next year.
The UAE should try and tempt people here, by making it attractive not the exact opposite. This is the ideal time.
CLICK HERE TO POST A COMMENT
Page 1
Mobile
