Emirates NBD offers value-packed mortgages toresident expatriates

Press release

Published April 16th, 2012 - 06:36 GMT

Al Bawaba

Emirates NBD, a leading bank in the region, announced today that it has expanded its home loan offering to expatriates residing in the United Arab Emirates.

The special mortgage package from Emirates NBD is available for a limited period from April, 2012, and provides attractive interest rates starting from 4.49 per cent per annum. Customers can alsoopt to fix their interest rate and instalments for up to seven years.

Apart from the low interest rates, there are extensive savings possible, with 50 per cent discount on processing fees, free property valuation and free life, property and home contents insurance for the first year.

“With the stabilization of the residential freehold property market and the growth in the economy, more and more expatriates are looking to buy a property,” said Shekhar Krishnamurthy, Head-Retail Assets & Liabilities, Emirates NBD. “This special offer on mortgage loans for expatriates has been developed in response to the evolving needs of our customers, and will offer them a variety of convenient home financing options to choose from.”

Both salaried and self-employed expatriateresidents can now avail of this special home loan offer that provides up to 85 per cent financing for property.As part of the special offer, customers who have existing mortgage loans with other banks can also transfer their loans to Emirates NBD at special discounted prices, while property owners can avail of Emirates NBD’s “Loan Against Property” option to raise additional financing.

Background Information

Emirates NBD

Emirates NBD, the leading banking group in the region, was formed on 19 June 1963, when H.H. Late Sheikh Rashid bin Saeed Al Maktoum signed the Charter of Incorporation of the National Bank of Dubai (NBD) which became the first National Bank established in Dubai and the United Arab Emirates (UAE). With the blessings of H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, NBD merged with Emirates Bank International (EBI) on 06 March 2007, to form Emirates NBD, the largest banking group in the region by assets. On 16 October 2007, the shares of Emirates NBD were officially listed on the Dubai Financial Market (DFM). The merger between EBI and NBD to create Emirates NBD, became a regional consolidation blueprint for the banking and finance sector as it combined the second and fourth largest banks in the UAE to form a banking champion capable of delivering enhanced value across corporate, retail, private, Islamic and investment banking throughout the region.