May 28, 2008 / 8:41 AM / 9 years ago

Abu Dhabi ups interest-free home loans to $545,000

ABU DHABI, May 28 (Reuters) - The ruler of Abu Dhabi raised by two-thirds the amount that United Arab Emirates 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-owned Emirates News Agency (WAM) said, 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 percent of the loan, WAM said. (Reporting by Stanley Carvalho)

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