New Emirates NBD mortgage rate
Emirates NBD has launched its new pricing structure on mortgage loans across all customer segments, with interest rates as low as 6.99 per cent for a year. The new strategy also re-emphasises the bank’s focus on the UAE national customer segment with preferential terms on mortgage loans for UAE national borrowers.
Emirates NBD currently offers competitive financing facilities for home construction and private villas for the UAE national community, across the emirates of Dubai and Abu Dhabi. The new strategy further enables the bank to offer several product options to this customer segment, including financing for self construction, ready private villas and purchase of apartments from a wide range of free-hold developments.
“There is huge potential for growth in home financing, and we believe it is vital for banks to play an important role in re-energizing this sector,” said Saif Al Mansoori, Deputy Head-Group Marketing, Emirates NBD. “The revised mortgage pricing strategy is supportive of the current economic environment and is in line with our strategy to further grow our retail assets book.”
According to the UAE Central Bank’s Statistical Bulletin, bank mortgage loans increased by over 15 per cent in 2010, from Dh141.71 billion at the end of 2009 to Dh163.19bn at the end of 2010.
Industry data also suggest that at current growth rates, the UAE’s real estate mortgages market will top the Dh200-billion mark by mid-2011.
“The new mortgage pricing also addresses the issue of financing for self construction, which is a key requirement of our UAE National customers. With this facility, UAE nationals have the opportunity to complete the construction of the houses as per their individual requirements, thereby enhancing the value of their landed properties,” added Al Mansoori.
Mortgage financing from Emirates NBD is available for UAE nationals for up to 80 per cent of the value of the property, with easy repayment installments and loan tenors up to 25 years, in addition to home contents insurance at no extra charge. Salaried nationals over the age of 21 with minimum three years of employment experience are eligible to apply for home financing loans up to a maximum of Dh5 million.