UAE Central Bank allows loan repayment relief

File picture

The UAE Central Bank (CBUAE) has issued a notice to all banks and insurance companies to allow the deferral of repayment of personal and car loan instalments for customers affected by the repercussions of the recent weather conditions.

The deferral shall be for a period of six months without imposing additional fees, interest or profits, or otherwise increase the principal amount of the loan.

CBUAE also confirmed that the damages to vehicles and homes resulting from the recent heavy rains are covered by insurance if there is an insurance policy against loss and damage or what is normally referred to as 'comprehensive insurance'.

The insurance companies shall be considered responsible for indemnification.

The Central Bank added that the same applies to homes as well - owners of real state, whether homes or buildings, covered by insurance are entitled to have their property repaired from damages caused by the recent rains and weather conditions.

It has urged the public to carefully read and comprehend the insurance policy to protect their rights and approach SANADAK, the financial and insurance ombudsman, in case of a complaint or dispute with the insurance company.

 

More from Local

Coming Up on Dubai Eye

  • The Business Breakfast

    6:00am - 10:00am

    The Business Breakfast is the day’s must listen for the UAE’s business leaders, and those who aspire to be.

  • The Agenda

    10:00am - 1:00pm

    Broadcasting every weekday, Georgia Tolley goes beyond the headlines to speak to government ministers, decision makers, analysts and local experts to find out how the news will impact those of us living in the UAE.

BUSINESS BREAKFAST LATEST

On Dubai Eye

  • Is There Sufficient House Supply In UAE

    Dubai’s current population is more than double compared to almost twenty years ago, which now stands at 3.7 million. Lots of families are also moving to the UAE now. So what does it mean for the property market?

  • Noon's First Female Delivery Driver

    Glory Ehirim Nkiruka is Noon’s first ever female delivery driver. In her first ever interview, she explained why she loves her job, despite the heat!