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Wed 28 May 2008 12:52 PM

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Abu Dhabi ups interest-free loan limit

Gov't raises amount Emiratis can borrow interest free to finance home to $544,700.

The ruler of Abu Dhabi raised by two-thirds the amount that UAE nationals in the emirate can borrow free of interest to finance buying or building their homes, to 2 million dirhams ($544,700).

Nationals of the world's fifth-largest oil producer had been allowed to borrow as much as 1.2 million dirhams from the emirate's Private Loans Authority for as much as 30 years, state news agency Wam said on Wednesday, citing a decree from Sheikh Khalifa bin Zayed Al-Nahayan.

Sheikh Khalifa is also the president of the UAE, which has been reaping record oil revenue from soaring prices.

Once the house is built, borrowers can also benefit from a repayment waiver of as much as 25% of the loan, Wam said. (Reuters)

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