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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.”