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.

HSBC Launches Eibor Based Mortgage In UAE

HSBC Middle East Limited today announced that it is introducing an EIBOR based mortgage, which guarantees to follow the Emirates Interbank Offered Rate (EIBOR) for the life of the loan.

The new mortgage from HSBC will be benchmarked to three months EIBOR plus a fixed margin depending on the Loan to Value (LTV). Loans of up to 60% LTV, rates start from three month EIBOR + 4%.

The new mortgage guarantees a rate review every quarter on 1st January, 1st April, 1st July, 1st October and the rate will be automatically re-set in line with the actual current three month EIBOR rate.

HSBC’s existing “Flexi-Home” mortgage product offers a variable interest rate mortgage. As of 1st July the interest rates on this product will be reduced by 100 basis points for all customers.

HSBC guarantees that going forward this mortgage rate will also be reviewed on a quarterly basis.

Customers who are interested in converting their current “Flexi-Home” variable interest rate mortgages to the EIBOR based mortgage product can do so free of charge until 30th September 2008.

Existing HSBC Amanah Al Asaas home finance customers will also get a reduced profit rate of 1% from July 2008.
Speaking about the launch, Gul Khan, Regional Head of Premier, Home Finance and Insurance said, “The market has become considerably more competitive since we launched our mortgage operation here over five years ago though mortgage choice still remains limited. Our expanded product offering aims to extend this choice so our customers can take advantage of the booming property markets and prevailing low interest rates.

“Our new product offers customers 100 per cent transparency on the pricing methodology and will help informed customers to know where their interest rates are heading, allowing them to budget accordingly.”

The loan is available for both house purchases and re-mortgages, and gives re-mortgage customers the opportunity of realising up to 75 per cent of capital tied up in their property.

HSBC EIBOR based mortgage is open to both employed and self-employed customers.