Emaar Properties Partners With Standard Chartered Bank To Offer Two Easy Home Finance Options

Emaar Properties has partnered with Standard Chartered Bank to extend two easy home finance packages for all its projects in Dubai that will be delivered in the next nine months.

Standard Chartered Bank will offer two mortgage products – the Asset Back Lending (ABL) Product and Standard Mortgage Product (SMP). The Asset Back Lending (ABL) Product offers an easy loan of up to 40 per cent of the property price with mortgage of AED 100,000 to AED 2.5 million will be provided for a tenure of 3 to 25 years.

The Standard Mortgage Product offers a standard loan of up to 75 per cent of the property price. Potential end-users and customers can obtain financial support from AED 150,000 to AED 10 million for a tenure of 3 to 25 years.

The home finance options will cover an extended portfolio of Emaar projects including apartments and villas in Dubai in prime locations such as Downtown Burj Dubai, Dubai Marina, Arabian Ranches and Emirates Living. The ABL easy loan is particularly tailored for current investors and end-users seeking financial support to complete the remaining payments before handover, while the standard mortgage will appeal to all potential home-buyers.

Mr Ahmad Al Matrooshi, Managing Director – UAE, Emaar Properties, said: “The partnership between Emaar Properties and Standard Chartered Bank is a huge confidence booster for Dubai’s property sector, as it marks the strengthening of liquidity levels. Emaar has always been at the forefront of industry-leading initiatives and this collaboration will further invigorate the market and strengthen investor confidence.”

He added: “The two easy mortgage plans are tied in for the projects that are to be delivered in the next nine months. The ABL product, an easy loan, particularly underscores our commitment to support investors who have been affected by the unprecedented challenges of the global financial crisis.”

Commenting on the partnership, Chris de Bruin, Head of Consumer Banking, Standard Chartered UAE said, "This is an exciting opportunity for Standard Chartered to broaden the core range of our home finance solutions which are offered by us in both conventional and Shariah compliant varieties. The introduction of this new line up is part of the larger consumer banking concept that Standard Chartered has created specifically to be more customer centric.”

Potential customers can visit the Emaar Sales Centre within Downtown Burj Dubai or the nearest Standard Chartered Bank branch located at Emaar Business Square and complete the formalities to avail of the mortgage. They can also call toll-free 800-EMAAR (36227) or the Standard Chartered Bank hotline at 600-522288 for more details. Customers can also email at home.loans@sc.com to fix an appointment with SCB’s Home Loans Sales Representatives.

Emaar has already handed over several thousand homes in Dubai. World-class villas and apartments in integrated communities with all lifestyle amenities are being developed in Downtown Burj Dubai, Arabian Ranches, Dubai Marina and Emirates Living – the four Emaar communities.

Dubai Islamic Bank Offers Auto Finance At Profit Rates Starting From 4.50 Per Cent

Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, announced that it is offering auto finance at profit rates starting from just 4.50 per cent p.a. Al Islami Auto Finance is available for up to 72 months, with a minimum monthly salary requirement of AED 3,000. No down payment or salary transfer is required to avail of this offer, which covers both new and pre-owned vehicles.

This attractive financing demonstrates the bank’s generally positive outlook as well as its strong liquidity position, and is in line with its expansion plans announced earlier this year. By the end of this year, DIB will open 10 new branches, expanding its nationwide network to 64 branches, further strengthening its presence across the UAE, while also offering an overall enhanced customer experience.

“As the provider of auto finance for one in every three cars financed in the UAE, Al Islami Auto Finance has long been the leading solution of choice for consumers here,” said Dr. Adnan Chilwan, Chief of Retail and Business Banking, DIB. “In today’s highly competitive market, the bank has recognised the need for flexible auto finance options – which is why we are very pleased to announce this extremely attractive offer that provides a host of valuable benefits.”

DIB has the country’s largest team of qualified auto finance professionals, many of whom are available directly at dealer locations. The bank offers an unmatched range of Sharia-compliant auto financing solutions – along with value-added services such as insurance finance and service contract finance – at extremely competitive profit rates, catering to a broad cross-section of the UAE population.

Facilitating Mortgages is the Solution

The drastic slowdown experienced across the real estate and financial sectors has been driven through a lack of consumer confidence, exacerbated by numerous factors including the scarcity of credit. While there is no single solutions we believe the availability of mortgages lie at the core.  As developers, we need to again facilitate the flow of funds, to re-activate those investors who have lost confidence and adopted a wait-and-watch approach said Hussain Sajwani, Chairman of DAMAC Properties.We need to take a cue from the consumer goods industry which has traditionally tied up with financial institutions and banks to boost sales – from television sets to home theatre systems that are made available on easy finance options.Yes, real estate is a different industry and striking such partnerships will not be easy, but are necessary. For example, the first and most basic step for a developer is to work on strengthening his profile with banks. Get projects on the list of approved projects for financing.  Following on this, the success will be for the developers, who can strike innovative and preferential agreements with the banks to building an in-house team of experienced advisors who can seek and consult the customer instantaneously and seek the right bank for the consumer.Today, mortgage availability is acutely secure, challenging and subject to extremely stringent lending criteria. The consumer & bank’s lending-relationships are complicated and, as developers if we can simplify these, it is a win-win.While it is right that irresponsible mortgage lending should be discouraged, extremely tight and unjustified policies will do no good. Proper policies need to be crafted and we as developers can work along with the banks to develop customized policies. There is no one single solution, both the banks and developers want to be in business and the only way is to adopt a joint approach in re-instilling confidence. It is a critical for the recovery of the real estate volumes.Many developers demonstrated such capabilities when the times were good. However it is now vitally important to continue and demonstrate such capabilities today. The rebound of the property sector largely rests on the recovery of investor confidence, primarily driven by banking confidence.We have to move forward and solve this. It is imperative for developers to facilitate mortgage availability and financing packages for investors and buyers and make purchasing real estate a viable option for the masses once again.It is time to focus on the broken link in the real estate supply chain – the sourcing of mortgages.