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Floods: UAE Central Bank Urges Lenders to Defer Loan Repayments for 6 Months

Customers will not incur any additional fees, interest or profit charges, nor an increase in principal amount of loan

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Staff Writer, TLR

Published on April 23, 2024, 19:26:22

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uae flood, central bank of uae, cbuae, insurance companies

 

The Central Bank of the UAE (CBUAE) has issued a directive to all banks and insurance companies to permit the deferment of personal and car loan repayments for up to six months for customers affected by recent weather-related disruptions.

This deferral will be offered without any additional fees, interest, or principal amount increases during the repayment period.

The Central Bank also confirmed that damages to vehicles and homes resulting from the recent heavy rains are covered by insurance policies, specifically comprehensive insurance. Insurance companies are obligated to provide compensation for these damages.

Similarly, homeowners with insurance coverage are entitled to have their properties repaired for damages caused by the recent weather conditions.

The Central Bank encourages the public to thoroughly review their insurance policies to understand their coverage rights and to contact SANADAK, the financial and insurance ombudsman, in case of any disputes with insurance providers. 

For any enquiries or information, contact ask@tlr.ae or call us on +971 52 644 3004Follow The Law Reporters on WhatsApp Channels.

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