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Emaar partners with Noor Bank to offer Islamic home loans

Emaar has partnered with Noor Bank to offer a fast-track home financing programme for UAE residents and international investors.

Noor Bank will offer Shari’a compliant loans of up to AED 5 million, with tenors of up to 25 years, covering 50% of the total value of off-plan property in Dubai.

The facility is available across residences in Downtown Dubai, Dubai Creek Harbour, and Dubai Hills Estate. Properties are offered for sale with a 50:50 payment plan. Investors pay 50% before handover with the remaining 50% repaid to Noor Bank after handover.

Ahmad Al Matrooshi, Managing Director of Emaar Properties, said: “Dubai’s strong fundamentals make investment in the city’s real estate sector a promising value proposition for investors. With significant interest among international investors in purchasing Emaar’s residences in Dubai, the new guaranteed mortgage for expatriates and global investors will make their home financing requirements effortless.

Noor Bank’s offer is open to all residents in the UAE and international investors below 65 years of age.

Mufazzal Kajiji, Head of Retail Banking of Noor Bank, said: “Noor Bank’s home finance partnership for Emaar’s investors is a landmark step forward. Noor Bank is committed to providing innovative Shari’a-compliant home finance solutions, and offering unmatched convenience, flexibility and value to the investors targeting investments in iconic Emaar projects. We are confident that this partnership will also go a long way in positively contributing to the future growth of the real estate sector in Dubai.”

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You Can Now Pay Dubai Land Department Fees In Installments

Dubai Land Department (DLD) is allowing Emirates NBD customers to pay DLD fees in installments without incurring charges for the privilege of doing so.

The agreement follows DLD’s discovery that around 38% of DLD’s fees were being paid by Emirates NBD customers, either through cheques or by credit cards.

“This advanced service enables customers to pay their fees using credit cards issued by the bank and to receive fee installments at a rate of 0%,” said Saad Abdulla Al Hammadi, Senior Director of Finance and Administrative Affairs at DLD.

“We also confirm that the bank does not impose any interest to its credit card holders, given that installment plans can be provided for a period longer than six months.”

Dubai Land Department (DLD) is the organisation responsible for regulating the real estate industry in Dubai. It includes the Real Estate Regulatory Agency (RERA), which sets price bands for rents in Dubai, and the Rental Dispute Centre (RDC), the judicial arm that mediates in disputes between landlords and tenants.

This latest move by DLD should be welcomed by investors, who have recently seen small drops in the overall value of property units in Dubai.