The UAE’s RAKBANK has partnered with Dubai Properties, it’s been announced. This new partnership will provide convenient home finance solutions for a selection of complete and off-plan properties from the portfolio of Dubai Properties, including Mudon and completed projects at JBR, Executive Towers, Bay Square, The Villa and Remraam. One of the highlights of this new offering is that customers aren’t even required to transfer their salary to the bank.
Under this agreement, RAKBANK will offer flexible conventional as well as Sharia-compliant home finance solutions at “competitive rates” to UAE nationals, expatriates, non-residents, and GCC nationals.
“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,” said Ian Hodges, Head of Retail Banking at RAKBANK. “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 at Dubai Properties added: “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 – which are available to salaried and self-employed business customers, as well as commission-based employees – 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. Customers can transfer their existing finances with other banks to avail the rates on offer.
In 2004, RAKBANK became one of the first banks in the UAE to provide mortgage finance for freehold properties.