Tamweel, the UAE Islamic home finance provider, announced today the launch of a new product to meet the home finance needs of UAE nationals. “Baiti” is specially designed to help UAE nationals to buy their homes.
Baiti, which means “my house” in Arabic, was first launched by Tamweel in 2006. The home finance provider is bringing the product back following its January Ijara promotion, and its resumption of new business origination on 1st November 2010. Tamweel understands the importance of bringing the Baiti product back to the market and has now developed an exclusive home finance product for addressing the housing needs of UAE nationals.
Tamweel will make home finance available to UAE nationals for up to 85 per cent of the current value of ready residential properties in Dubai and Abu Dhabi. The maximum finance value is AED 5 million with a repayment tenure of up to 25 years.
“Baiti makes a welcome return to the UAE’s home finance market,” said Varun Sood, Acting Chief Executive Officer of Tamweel. “Today’s announcement is in line with Tamweel’s commitment to provide innovative solutions to meet the evolving needs of customers. We believe there is a need in the market to address this specific segment, therefore our product is catered to do just that. The demand for housing among the UAE Nationals is on the rise and Tamweel is committed to cater to this segment of the market which is ever growing.”
For further information regarding home finance solutions from Tamweel, customers may visit the company’s branches at Business Avenue building in Deira, Dubai, and at the Marina Mall in Abu Dhabi. Customers may also contact the company by calling its call center on 800-TAMWEEL (8269335) or via its website: www.tamweel.ae.