In an interview with Emirates Business, Abdulfattah Sharaf, chief executive officer of personal financial services at HSBC Middle East and North Africa, revealed that the bank will begin relaxing its loan-to-value (LTV) ratios to help more people enter the Dubai property market.
The bank is set to revise its LTV rates on July 1st, the chief executive announced.
Meanwhile, Dubai Bank's head of retail Mohammed Amiri told the paper that the institution always maintained a favourable LTV rate and would continue to do so.
Commenting on the announcements, James Gauduchon, manager of corporate marketing at Better Homes, said: "On average, a loan cycle is about eight weeks. Considering that banks have recently relaxed their mortgage criteria, we expect to see some positive results by mid-summer."
Emirates Business yesterday (June 9th) announced that Amlak would be moving to a new construction-linked payment framework to ease the burden on those investing in Dubai property for sale.