Dubai to legalise expats property ownership
(9/10/2004)
The new Tamweel product offers customers the opportunity to apply for finance approval up to Dh5 million without booking any property in advance.
Announcing this `first-in-the-region` product called `Pre-approved` home finance, Tamweel`s CEO Adel Al Shirawi said that it would unlock many individuals` decisions to take the step to apply for home finance, even though they haven`t selected their property as yet.
This new product option eliminates the hassle of seeking finance only once the property choice has been finalised. The product offers customers the opportunity to apply for finance approval up to Dh5 million without booking any property in advance.
Adel Al Shirawi said: `This new product from Tamweel will be a major boost to the rapidly growing freehold property market in Dubai. With simplified documentation and fast-track approval procedures, getting finance is a quick and hassle-free process for home buyers. `Pre-approved` Home Finance encourages customers to finalise their finance first and then look at choosing their dream home.`
He added: `This is yet another pioneering step taken by Tamweel to be the first in the home finance sector to offer a menu of innovative products designed to meet customer`s needs`.
Since its establishment in March 2004, Tamweel, the `home of home finance`, has signed several strategic alliances with leading real estate developers, such as Nakheel, Jumeirah Beach Residence, Emaar, Global Real Estate and other top developers.
The company notched up record bookings of Dh500 million within the first four months of operations through its unique menu of products, services and alliances.
Within the short time frame, the company has created a trusted brand and established a good reputation in the market.
While the real estate sector has benefited from the range of mortgage and consumer finance products introduced by Tamweel, the company`s reputation has been built on its fast turn-around time and personalized customer service.
Tamweel is the only company in the market that offers fixed rate financing to customers. Both the Home Owner and Fixed Lease to Own products offer a fixed rate for up to a maximum of 15 years. Tamweel`s floating rate products also offer financing for up to a period of 25 years.
Tamweel was established in March 2004 with a capital base of Dh1 billion supported by Dubai Islamic Bank, the first Islamic banking institution in the world, and Istithmar, which is the investment arm of The Corporate Office group including the Dubai Ports, Customs and Free Zone Corporation, Nakheel, Dubai Metals and Commodities Centre and Tejari
You may request further information on Tamweel or UAE mortgages by completing our online Information Request Form.
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