Tamweel offers more studio apartments through lease-to-own scheme

Due to the popularity and demand of this scheme, Tamweel is happy to offer more studio apartments with the salary requirement reduced to AED 6000 per month for interested individuals.

This unique housing scheme was made available by Tamweel specifically for this project being developed by Nakheel. The scheme ensures the rent bill is cut by 30 per cent. Tamweel, which launched the online pre-registration process around three weeks ago has had an overwhelming response and have sold more than earlier envisaged. The volume and speed of sale highlights the need for good quality and affordable housing in Dubai.

Commenting on the success of the scheme, Mr. Adel Al Shirawi, Chief Executive Officer of Tamweel, said: "Once again Tamweel has ensured through innovative marketing initiatives that we meet customers' needs. From the first phase of sales the feedback we received was tremendous though we realized many individuals were constrained by the salary cap of AED 8000. In order to accommodate the needs of even more interested individuals we have decided to bring the salary cap down to AED 6000 and, at the same time we have maintained the same prices in spite of the high demand."

He further added, "What gives us immense pleasure more than 800 apartment units sold in the first phase were to actual home owners and investors and not to bulk buyers. This highlights that the customers are looking for housing that is value for money and we are proud that we could make over hundreds of buyers own their dream homes."

He ended by adding, "Tamweel as an organization strives to meet customer needs and ensures that those needs are met and expected. Nothing gives us more pleasure than a happy customer. We endeavor to have similar schemes in the future and hope we continue to bring joy to more customers."

The Lease-to-Own product makes it simpler for customers to compare lease payments with annual rents instead of comparing mortgage profits rates. The success of this whole promotion epitomizes our understanding of market dynamics and customer satisfaction in our products and services. It also reflects the seamless cooperation and coordination among the different departments of Tamweel to execute the process faster and easier for the customers.

The purchase and approval process under the Lease-to-Own scheme involves minimum documentation. The buyers need to provide Salary Certificate, three months' bank statement with salary credits, valid passport copy with a visa page, and 10% down payment cheque.