UAE central bank sets new exit fee limit for mortgages


There’s good news for borrowers looking to settle their mortgage early.

The UAE’s Central Bank has announced that lenders can no longer charge a 3 per cent early settlement fee.

Going forward, banks can only claim 1 per cent of the outstanding mortgage amount or AED 10,000, whichever is less.

Chris Schutrups, Managing Director of Mortgage Finder, explains why it’s good news for consumers. 

Customers who have already paid a higher fee are eligible for a refund from their bank, within 30 days.

More from Business

Coming Up on Dubai Eye

  • Afternoons with Helen Farmer

    2:00pm - 5:00pm

    Every weekday afternoon, Helen Farmer will help you to navigate the highs and lows of life in the UAE. Stay up to date with what’s happening and where to go.

  • Off Script with Chris, Robbie & Sonal

    5:00pm - 7:00pm

    The UAE’s alternative take on news, entertainment and sport. Join Chris, Robbie and Sonal as they cut through the clutter to bring you the news, entertainment and sport stories that actually matter.


On Dubai Eye

  • Meet Gift, female food delivery driver

    Gift came here from Nigeria and failed to find a job, until a pizza company offered her one. She's now one of the very few female delivery drivers in the UAE.


    Farmer's Kitchen is back for 2021!
    With our partners Spinneys, we are going to help you wave goodbye to boring dinners, cluttered fridges, and lumpy leftovers!