United Arab Emirates News UAE Today: Consulting Source News – News and Ami Today with the details of the news Consult:
I offered a loan of 4.7%. I agreed, two years later, the bank raised the interest rate to 10.7%. This decision changed the owner of the company in which I work. is it legal? What options are available to me if this is not valid?
As long as the interest rate in the contract between the customer and the bank is determined, 4.7% will be considered a binding condition for the bank throughout the repayment period of the loan. The owner of the company is not entitled to raise the rate or to operate it, and thus to do is a clear violation of the contract and the laws of the client state has the right to appeal to the judicial authorities to return his right obligates the bank to comply with the terms of the contract.
This case is subject to the regulations and laws of the UAE Central Bank as a regulator of state banks. The client has the right to take several steps, including filing a complaint to the relevant departments of the bank, including the Department of Legal Affairs, and filing a complaint with the UAE Central Bank. To file a claim before the judicial courts of the state.
The matter is subject to the Commercial Tax Law, which states that "the bank loan is a contract according to which the bank gives the borrower a sum of money on the loan or credits him with the creditor's part of his account at the bank according to the terms and dates of consent, The loan is secured by guarantees, and the borrower must repay the loan and the interest to the bank on the dates and conditions to be agreed upon.
Bank loans are subject to Section 125 of the Federal Law No. 5 (1985), which establishes the UAE Civil Transactions Act as amended by Federal Law No. 1 (1987).
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