Commercial Bank of Dubai inks deal with National General Insurance Company for home loan protection

The deal is expected to serve the bank and its clients as well as the national economy in a number of ways. The move comes as part of the bank's commitment to support the growth of real estate in the country and follows the launch last month of the bank's Home Finance Program, which stands out in terms of competitive interest rates and low processing charges. The program provides 90% of the property cost for both primary and secondary properties.

Faisal Galadari, General Manager, Business Group at CBD said that the move is meant to support the economic growth in the country, particularly the exceptional real estate boom which is currently being witnessed. "It is in line with the ambitious plans of the bank to enhance its banking and financial services to individual clients. We are aiming at achieving these objectives through our property loan schemes in the UAE, which are designed to facilitate our clients to possess the home of their dreams," he explained.

He added: "We have considerably increased our home loan products in order to meet the growing demand for properties. These products are marked by flexible terms and conditions as well as competitive prices that encourage our clients to own appropriate homes and will subsequently expand our clientele taking advantage of the loans. A salient feature of our home finance program is that it is available equally to nationals and expatriates. The repayment duration can be extended up to 25 years and under flexible conditions."

Dr. Abdu Al Zahra Abdullah, General Manager, National General Insurance Company, said that the insurance cover provided by his company for both individuals and properties is marked by procedural simplicity, flexibility and quick response. "We have designed it in line with the requirements of CBD, which was very particular about serving the interests of their clients to the last detail."

He added: "Our company has a host of programs designed for the protection of borrowers, fine-tuned in consultation with client banks and other financial institutions. These programs are characterized by high value protection under the finest insurance conditions. In turn, our company enjoys the best conditions from international reinsurance companies of high stature."