Noor Bank partners with Dubai Properties to offer financing options for off-plan and completed properties
Noor Bank, a leading Shari’a compliant bank in the United Arab Emirates, has partnered with Dubai Properties to provide financing for a selection of both completed and off plan properties - such as one of Dubai Properties’ latest projects, Mudon and completed projects such as The Villa and Remraam.
Under the partnership, Noor Bank will be providing attractive terms for end user financing for both residents as well as non-residents. Financing will be available for up to 25 years tenure and finance to value ratios of up to 80% for UAE nationals and 75% for expatriates on completed projects and 50% for off plan projects with finance amounts of up to AED25 Million. As part of the collaboration, Noor Bank has assigned a dedicated team for the developer to ensure the delivery of quality service to the developer’s clients.
Pawan Dhawan, Head of Home Finance, Noor Bank, said, “This joint collaboration with Dubai Properties demonstrates our commitment to offering best-in-class Shari’a compliant solutions to support customers with their investment needs and provide them with the opportunity to own properties that are in high demand.”
Abdulla Abushabieb, Executive Director, Sales and Customer Care, Dubai Properties, said: “Our partnership with Noor Bank reflects Dubai Properties’ mandate to create solutions that meet the needs of homebuyers in the UAE market. Judging by the huge uptake for the first phase of the Mudon community cluster, we perceive an exceptionally strong demand for high-quality, affordable properties in carefully master-planned, and well located residential communities from homebuyers, ranging from young professionals to large families. This partnership with Noor Bank will enable us to offer our customers a flexible range of home financing solutions that suit their individual circumstances and help them invest in their future.”
Under the various financing options, customers can avail Noor Bank’s home equity release solution, which provides finance of up to AED10 million, ensuring they can unlock their property’s full value and invest in other avenues. In addition, clients who are looking to reduce their monthly instalments during the initial years of the finance can also take advantage of the bank’s newly launched product, ‘Flexi Home Finance’ for ready properties. Noor Bank will additionally facilitate the transfer of any existing finances that customers have with other banks - enabling them to avail the attractive rates on offer.
Noor Bank (formerly Noor Islamic Bank) was established in January 2008, in Dubai - United Arab Emirates.
Among the youngest banks in the country, Noor Bank has achieved significant growth in the past 10 years. Today, in 2018, as we continue to grow, we are ranked the 11th largest bank in the UAE in terms of asset size.
Noor Bank is a full-service Shari’a-compliant bank, offering a comprehensive range of products and services - in corporate and personal banking, wealth management, Takaful (Islamic insurance), treasury and trading. We have a presence across the country, at multiple locations in Abu Dhabi, Dubai, Sharjah and Al Ain.
Dubai Properties Group
Dubai Properties is a leading master-developer based in the United Arab Emirates, and is responsible for shaping some of Dubai’s most renowned and iconic real estate destinations.