How does the coronavirus affect my mortgage?

Your mortgage should not be affected by the coronavirus pandemic in a short period of time. 

If you already have a mortgage, please make monthly payments as usual. If you experience financial difficulties that affect your ability to repay, we recommend that you contact your mortgage lender. 

The Central Bank of the United Arab Emirates (CBUAE) has launched a stimulus plan of 100 billion dirhams in response to the coronavirus pandemic. The notice announcing the package indicated that many customers may already be at risk of “temporary loss of cash flow due to the outbreak of the COVID19 pandemic.” In response, CBUAE ordered the bank to provide its customers with temporary relief for up to six months. 

For those who are completing a home purchase through a mortgage, we assume that this will continue as normal because the bank is still operating. If you have any questions or concerns, please feel free to contact our team for advice. 

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