Commercial Bank of Dubai launches its innovative Mortgage Loan Solution

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Announcing the launch of the new mortgage loan service, Faisal Galadari, General Manager, Business Group of CBD, said, 'With the continuous steady growth in the economy, the real estate market in Dubai is today growing at an exceptional rate. We are constantly monitoring the changing needs of the market to introduce new and innovative products. We have designed this mortgage loan solution to help our customers realize their dreams of owning a home, with a partner who is focused on offering a tailor-made solution for each of them. The mortgage loan solution offers highly competitive pricing based on every customer's unique profile. Our objective is to let people buy homes and take advantage of this innovative service solution without compromising on their lifestyle'.

Meanwhile, Thomas Smith, Deputy General Manager and Head of Retail Banking of CBD, stated, 'The easy and convenient financing options that CBD Mortgage Loans will provide will definitely help many people take the leap to become home owners much earlier in their lives, while providing others with the option to gain the security of their own homes or even earn the luxury of a second home. We have currently launched the product in Dubai and are looking at extending the offering to other locations across the UAE in future.'

Some of the key features of the product include loans of upto AED 10 Million, highly competitive pricing, one of the lowest loan processing fees in the market that can be extended up to 90% of the total cost of the property for both primary and secondary properties, a six month payment holiday option for completed properties, repayment period up to 25 years thus reducing the monthly payments for the customer, both fixed and variable rate options and an attractive refinance facility for existing home owners.

Apart from the mortgage loan solution, Commercial Bank of Dubai also offers a wide range of retail and commercial banking products and services through a network of 24 branches spread across the UAE.