national bank of dubai launches nbd offset home loans
The first offset mortgage product in the UAE allows customers to save interest and repay loans earlier
National Bank of Dubai (NBD) today announced the launch of NBD Offset Home Loans, the first offset mortgage product in the UAE.
NBD Offset Home Loans, a mortgage loan with an associated high interest yielding current account, represents a milestone achievement in product innovation and sets new standards in customer benefits in addition to the market leading features of the successful NBD Home Loans product.
The key feature of NBD Offset Home Loans is that the mortgage balance will be offset by the credit balance in the current account thus saving the customer interest and facilitating earlier repayment of the loan without being subjected to early repayment charges. In addition, the customer will enjoy the freedom of using a high interest bearing current account, and the flexibility of being able to use an ATM card and a cheque book to deposit and withdraw funds at any time.
For example, a typical client with a 25 year mortgage loan of AED 2,000,000 can save over AED 1 million in interest by using NBD Offset Home Loans and repay the mortgage five years and seven months earlier.
Suvo Sarkar, Group Head of Retail Banking at National Bank of Dubai commented: “NBD Offset Home Loans is a ground-breaking achievement in product development for the UAE mortgage market and sets a new standard in customer benefits.” He added: “We are proud to be the first bank in the UAE to introduce a product that will allow home buyers in the UAE to save interest costs and repay their home loans much earlier than they would otherwise be able to do. The launch of this offset mortgage product is just one example of our commitment to innovation across our entire range of retail banking products.”
NBD is amongst the top 3 mortgage providers in the UAE, it was recently awarded the “Best Retail Bank in the UAE” award by The Asian Banker. It offers a comprehensive range of retail lending products including mortgage loans, auto loans, personal loans, credit cards and loans for business finance to UAE nationals. Specifically in the area of property finance, it provides home loans, office loans, home refinance loans, loans for self-construction of property, and most recently mortgage finance to UK residents buying property in the UAE.
