RAKBANK is pleased to announce its partnership with Dubai Properties to provide convenient home finance solutions for a selection of complete and off-plan properties in Dubai Properties’ portfolio of projects. Under the partnership, the Bank extends home finance for off-plan properties such as Mudon and completed projects including JBR, Executive Towers, Bay Square, The Villa and Remraam.
RAKBANK offers affordable and flexible conventional as well as Sharia-compliant home finance solutions through AMAL at competitive rates to UAE nationals and expatriates, non-residents, and GCC nationals. To ensure utmost convenience, the Bank does not require a salary transfer from customers and is committed to minimum formalities and a fast approval process. It also has a team of specialist Home Finance advisors who are always available to provide knowledge, tools, and dedicated service to guide customers and ease the entire home buying process.
Ian Hodges, Head of Retail Banking at RAKBANK, said: “As a prominent bank in the retail space, we are always looking to bring our valued customers added choice and convenience to their banking relationship. Our partnership with Dubai Properties Group gives us the opportunity to support our customers who wish to finance property in prime locations in the UAE.”
Abdulla Abushabieb, Senior Executive Director, Customer Care and Government Relations, Dubai Properties said: “Our partnership with RAKBANK reflects Dubai Properties’ commitment to meeting the needs of the customers interested in home ownership in Dubai. Judging by the significant response to the launches of our new communities, we expect the high demand for high-quality and affordable homes in well located residential communities to continue. This partnership with RAKBANK will enable us to offer our customers a flexible range of home financing solutions that suit their individual needs and help them invest in their own future.”
RAKBANK’s Home finance solutions extend up to 25 years with finance to value ratios of up to 80% for UAE nationals and 75% for expatriates for completed projects, and 50% for off-plan projects. They are also available to salaried and self-employed business customers, as well commission-based employees. In addition, RAKBANK facilitates the transfer of any existing finances that customers have with other banks to enable them to avail the attractive rates on offer.
RAKBANK was one of the first banks to provide mortgage finance for freehold properties in 2004. As a result, it has the advantage of gaining extensive experience in the market by being an early player and employing a system of detailed credit appraisal.