Tamweel extends 97 per cent finance on villas

This unique offering is designed in light of the increasing demand for affordable home financing schemes and it comes as an extension to Tamweel's existing 90% finance on villas. With a 3 per cent down payment only, thousands of families will now be able to own their dream home without feeling financially burdened.

Talking about the innovative offer, Mr. Adel Al Shirawi, CEO of Tamweel, said: "Tamweel is proud to unveil its latest offer to extend 97 per cent of home finance for villas in the UAE. The new promotion is aimed at extending affordability and convenience to home buyers in the UAE and region. We have seen the trend with most potential home buyers of being on the fence and unsure about their investment decision to their new homes. We are now giving them the assurance and the confidence to make the decision and purchase their dream home since it fits in with their requirements."

He added: "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. As part of our continued commitment to the UAE and regional markets, we have been increasingly innovative in finding alternative ways of helping buyers to get a foot on the housing ladder. The new scheme has a number of new benefits that will be well received among a wide range of customers."

At Tamweel, the customers can also avail of the vast array of innovative products such as Yusr - the first-ever Sharia-compliant Adjustable Repayment Mortgage finance in the world - that allows customers to make lower monthly payments in the initial years and pay back the difference over the remaining duration of the payment period.

Moreover, the Pre-approved Service - another of its innovative products - helps customers assess their eligibility for finance, thereby helping them select property within the appropriate price range. Customers also have the option to commence their payments one month after they move into their new home, thereby reducing the immediate financial burden.

Tamweel is the only company in the UAE that has been offering Islamic home finance products since its inception and plays a vital role in the development of the UAE real estate market and its products and services have wide acceptance among the home buyers in the country.