Tamweel's new housing finance scheme can cut rent bills by 30 per cent

In the wake of escalating rentals the demand for inexpensive residential accommodation in Dubai has risen considerably causing people to weigh their housing options very carefully.

Through its innovative financing, Tamweel launches the sale of apartments under Lease to own scheme, which results in 30% cheaper lease payment compared to current market rental. A special event has been organized for the property to be sold between May 20 to 23 at Al Jumeirah Ballroom at Crowne Plaza, Dubai.

Buyers can avail the advantages of 'On-the-spot finance approval' during this event, which is final mortgage approval at time of buying the property, which is another industry first by Tamweel in its range of product development like YUSR, Pre-approval and Guaranteed Finance products.

The apartments are located at International City, strategically developed by Nakheel. The units are expected to be ready for buyers to move in by August of 2006.

Commenting on the new financing scheme, Mr. Adel Al Shirawi, Chief Executive Officer of Tamweel, said:

"With our deep understanding of market dynamics and more importantly our customer's needs, Tamweel continues to deliver first-to-market financing solutions that define the ultimate home-buying experience. Tamweel has been increasingly innovative in finding alternative ways of helping buyers overcome barriers to get affordable housing. Our Lease to own product makes it simpler for customers to compare lease payments with annual rents instead of comparing mortgage profits rates."

Rental prices are favourably compared to many parts of Dubai like Bur Dubai, Karama, Ghusais and Al Nahda. The low priced apartments with lease payment scheme has a fifteen year tenor".

Mr. Shirawi added: "With this unique offer, Tamweel standing tall in face of inflation, brings rental rates back to 2003 level. Residents in Dubai need no longer worry about future rent hikes and at easy instalments, buying a home in Dubai has never been so easy and affordable."