Emaar partners with Dubai Islamic Bank for exclusive home finance solution
Emaar Development today announced its partnership with Dubai Islamic Bank to provide an exclusive and value-added home finance programme for Emaar’s customers. The home financing is the most attractive and unheard of in the market today for its affordability and potential to earn greater than 10% return on investment.
Customers can benefit from extended 25-year financing, with zero per cent financing cost for the first five years. Investors and end-users will benefit from the lowest margin throughout the home-finance tenure at 3-month EIBOR plus 1 per cent fixed margin for life. They also benefit from zero processing fee, zero valuation fee and zero Dubai Land Department registration fee.
Furthermore, customers only have to pay 50 per cent of the total price during the construction stage with the rest to be paid only in up to 25 years. With the attractive offer by Dubai Islamic Bank, customers will only have to pay installments as low as AED 2,500 per month when they invest in a property valued at AED 2.5 million, and just about AED 1000 per month for a property priced AED 1 million for the first five years.
The monthly instalments are less than 40 per cent of the rent that many people pay today for similar units, ensuring that they can effortlessly shift from rental homes to an owned-home lifestyle, in Emaar’s prestigious communities in Dubai. For end users, the monthly home finance payment will be reduced by to at least 60% of their monthly rental for a comparable property during the first five years.
Bader Hareb, CEO, Emaar Development said: “The partnership with Dubai Islamic Bank for home finance is truly unprecedented in the value it offers to customers. Large monthly instalments were holding back many aspirant customers from investing in property; now with the extremely low payment schedule, they can own a dream home in Dubai effortlessly and enjoy a superior lifestyle.”
Customers can choose their dream home from developments including Downtown Dubai, a most sought-after destination by investors underlined by icons such as Burj Khalifa, The Dubai Mall, The Dubai Fountain and Dubai Opera. Dubai Creek Harbour is another one-of-its-kind modern master-planned destination located along the historic Dubai Creek in the heart of the city, and anchored by the new global icon, Dubai Creek Tower, and featuring Dubai Square, the retail metropolis of the future.
Emaar is also offering a choice of homes across mega-developments such as Dubai Hills Estate, Emaar South, a green community located near the Expo 2020 Dubai site and the Al Maktoum International Airport and Arabian Ranches, an established villa community.