UAE banks to defer personal, car loan instalments for 6 months

The recent heavy rains in the UAE have caused extensive damage to homes and vehicles, leaving many residents in a difficult situation. In response to this crisis, the Central Bank of the UAE (CBUAE) has stepped in to provide much-needed relief to those affected.

The CBUAE has instructed banks and insurance companies to allow customers to defer their personal and car loan repayments for six months, without incurring any additional fees, interest, or profits. This will provide some breathing room for individuals who may be struggling to make ends meet in the aftermath of the severe weather conditions.

Furthermore, the central bank has clarified that damages to vehicles and properties caused by the heavy rains are covered by insurance, provided that individuals have comprehensive insurance policies. In cases where insurance claims are necessary, the insurance companies will be responsible for compensating the policyholders for their losses.

Real estate developers in Dubai have also joined in the efforts to support those affected by the recent weather events. Companies like Emaar Properties and MAG have pledged to repair properties within their communities that were damaged by the heavy rains at no cost to the residents. This will help alleviate some of the financial burden that homeowners may be facing as they work to restore their properties.

Overall, the collaborative efforts of the CBUAE, insurance companies, and real estate developers demonstrate a commitment to helping the community during times of need. By providing financial relief and free repair services, these organizations are working together to support residents as they recover from the impact of the severe weather conditions.