Emirati mortgage company, Amlak recently announced a new home financing scheme. Now United Arab Emirate (UAE) nationals, expatriates and foreign investors can finance homes in Dubai and avail of up to 90 percent finance of the property value. The maximum loan amount is five million Emirati dirhams per individual with a tenor of 25 years.
Currently, while UAE and Gulf Cooperation Council (GCC) nationals can purchase property in Dubai, projects such as Emirates Hills, Dubai Marina, and The Palm now allow for freehold ownership and cater to the expatriate population.
Founded in the summer of 2000, Amlak Finance is the first mortgage company in the Gulf. Amlak Finance, which is wholly owned subsidiary of Emaar properties, not only provides a natural extension to Emaar's business, but also serves the resident property market as a whole including the Palm Island developments, filling a vital gap in the range of financial services available to potential homeowners. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
