Mortgage: A loan specifically for purchasing real estate, where the property itself serves as
collateral. The borrower (mortgagor) makes monthly payments to the lender (mortgagee) over an
agreed term. In the UAE, banks offer both conventional and Islamic (Shariah-compliant)
mortgages. Example: They obtained a mortgage from the bank for 70% of the property price, to
be repaid over 20 years, making home ownership possible with their savings covering the rest.
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