Emirates NBD launches home loan campaign
Abu Dhabi, July 18, 2013
A leading bank in the region, Emirates NBD launched a campaign yesterday (July 17) to help potential property buyers choose the most advantageous mortgage loan when buying a home.
The financial education campaign that aims to position Emirates NBD as the banking partner of choice, offers various tips and highlights the finer details of home loans, interest rates, down payments and loan-to-value ratios.
“Potential home buyers are bombarded with conflicting information when in the process of buying a property, and often find it difficult to choose the best loan option,” said Saif Al Mansoori, deputy head of group marketing and branding, Emirates NBD.
“We would like to make this process easier for our customers by offering expert advice via a series of easy tips to choose the best interest rate combination, the right developer and neighbourhood.”
One of the helpful tips includes an insight into home loan selection and the benefits of choosing a loan based on the long term variable interest rate. This is in contrast to a borrower’s natural tendency to opt for the lowest rate, which may only last for a short fixed period.
The bank also offers advice on how to decide the size of the initial down payment while selecting a home loan, and the significance of loan to value ratios, emphasizing the idea that a higher down payment could make future payments more manageable, while at the same time assisting in saving for unforeseen circumstances.
The importance of choosing an appropriate tenor for repayment is the subject of yet another tip from Emirates NBD. The bank underlines the idea that extending repayments over a longer term may result in reduced instalments, but will also make the home more expensive in the long term.
Other advice highlight the importance of evaluating the location, developer and neighbourhood amenities before deciding on the purchase, as these factors could impact the quality of life in the short term and will be influential in determining the sale or rental value of the property in the future. - TradeArabia News Service
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