Commercial Bank Of Dubai Launches Updated Version Of Mortgage
Commercial Bank of Dubai (CBD) has launched an updated version of its mortgage loan solution, bolstered by a renewed growth in the UAE real estate market. The motto for this new, improved service is: “With us… it’s crystal clear.”
CBD ensures that the borrower will be taken through a process of “complete transparency”, with “every detail of the mortgage” explained, covering the different interest rates and the monthly installment payable.
The scheme, which is part of the bank’s consistent efforts to offer innovative and consumer-driven services, offers loans of up to 85% of the total value of the property along with highly competitive interest rates, and flexible terms, including repayment period of up to 25 years along with the facility of choosing between fixed and variable rate loans.
Announcing the launch of this scheme, Faisal Galadari, General Manager, Business Group, CBD, said, “In our quest to meet the needs and aspirations of our ever growing base of customers interested in property investment, we have also offered Islamic Shariah-compatible mortgage loan solutions via the Islamic banking branches.”
CBD has come up with this unique loan solution at a time when UAE real estate indicators point to strong and steady growth. Galadari explained that the current upward trend was the result of sustainable demand, not the speculative demand that had destabilized the market earlier.
“What distinguishes the current growth in the local real estate market is that this is a result of real high demand. The increasing interest in real estate investment since early 2011 has led to a gradual and steady recovery in the sector, crowned by the elevation in prices from the lows they had reached in 2009-2010 as a direct result of the global credit crunch,” he said. “Indicators show that the growth trend will continue, and we are fully confident that our new mortgage loan solution will see a high demand from those willing to invest in real estate.”
Frans Jan Burkens, Head of Consumer Banking, CBD, said, “The easy and convenient financing options that CBD mortgage loans provide will definitely help many people realize their dream of owning a home with a bank who is focused on offering a tailor-made solution that not only suits client needs but also helps clients understand all elements of the complex products a mortgage loan can be.”
Apart from this new mortgage loan solution, CBD offers a wide range of retail and commercial banking products and services through a network of 27 branches across the UAE.
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