|Noor Islamic Bank Is First UAE Bank to Extend Home Financing to Non Residents for off plan properties|
Dubai-UAE: June 03, 2013 - Noor Islamic Bank (Noor) is the first UAE bank to offer home financing to non-residents wanting to buy their holiday home, or to invest in the UAE real estate sector for selected off plan properties
Noor has also gone the extra mile in its efforts to empower a larger number of Emiratis and UAE residents to fulfil their dreams of owning a home in the UAE by offering a very attractive profit rate – beginning at 4.49 per cent per annum for all types of transactions - on its unique Home Finance Package.
Noor's Home Finance Package provides up to 85 per cent finance, up to a maximum of AED10 million, for a maximum term of 30 years. The package includes a fixed profit rate for two years, which insulates borrowers from any Emirates Interbank Offered Rate* (EIBOR) fluctuation during the initial period. The Home Finance Package also includes flexible processing charges, including a nil processing fee option. Additionally, customers can take advantage of zero early settlement charges for self-funded payments after three years.
John Chang, Head of Retail Banking at Noor, said: “Since the launch of our unique Home Finance Package, the bank has seen great demand for the product – from nationals and residents. Now, we have enhanced our offering by reducing the profit rate to 4.49 per cent per annum – which could lead to significant cumulative savings over the 30-year period. We have also extended financing to non-residents who wish to invest in property in the UAE.
“In line with our commitment to ethical banking, we respect our customers' rights to complete transparency with regard to profit rates and the terms and conditions. So there are no teaser or headline rates with multiple conditions attached. What you see is what you get, which is simply the most comprehensive and attractive solution for those looking for mortgages on a wide array of ready properties and select off-plan projects in the UAE.”
The EIBOR-linked transparent pricing mechanism, with a fixed margin for the entire tenure, gives Noor clients the peace of mind that the pricing will be free of bank intervention, andany variation will be limited solely to fluctuation in EIBOR.
For self-employed expatriates, the Noor Home Finance Package offers 85 per cent finance to value (FTV) – an advantage unique to Noor.
The Home Finance Package is also accessible to those who do not bank with Noor, as well as individuals whose companies are not on its pre-approved organisation list. Additionally, the bank offers a variety of Shari'a compliant mortgage-related insurance products through Noor Takaful, the Islamic insurance arm of the Noor Investment Group.
Since its launch in 2008, Noor has gained a reputation for offering innovative, client-focused, banking products and services. It continues to lead the retail banking market in providing convenient banking solutions, including the UAE's first fully operational mobile internet banking experience in the Arabic language.
Noor was also the first Islamic bank to offer an on-line account opening service. The easy to use service enables UAE residents to apply for either current, savings or current and savings accounts, from the comfort of their home or office, without the need to visit a bank branch. Account approval is normally granted within 48 hours. Those living outside the UAE, who wish to own a Noor account in the UAE, can apply for a savings account through the web site.
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