Doha Bank, a leading private bank in Qatar, has launched its new retail mortgage loans portfolio which now features a competitive interest rate of 3.99 per cent.

The bank will provide loans of up to 70 per cent of property value for Qataris and Expats, with mortgage repayment periods of up to 20 years.

The bank is also offering customers the option of bundling a furniture loan that may comprise up to a value of QR2 million ($548,830) under the same terms as their housing loan.

The updated home loan portfolio features four product variants for individuals and families. Qatari customers can obtain housing loans for ‘ready to sell properties’ or houses and villas under construction, while expatriates and Qataris can benefit from leasehold and freehold property purchases.

Doha Bank Group chief executive officer Dr R Seetharaman hosted a special briefing session that brought together Qatar’s top real estate agents and developers as well as representatives from the GCC to announce the new housing loan offer.

“At Doha Bank, our customers’ needs are paramount and we believe in launching products best suited and geared towards their expectations,” Dr Seetharaman said.

“Doha Bank recognizes that the property market in Qatar is gaining more momentum. The market currently has the ability to absorb an increasing level of loans and investments due to the growing demand for quality housing options to meet Qatar’s fast-expanding economic foundations.

“Not only is the demand inherent in the existing market, but all indicators suggest that the demand will be sustainable in the upcoming decade due to growing inward investment and the increasing numbers of expatriate workers,” he added.

The chief executive also said Doha Bank is also seeking to play a significant partnership role, particularly in Qatar where it can fulfill expert consultancy roles for both the borrowers and the property owners.

“Qatar has a long term socio-economic growth formula that will help develop sustainable business interests well beyond the World Cup in 2022, which is but one component of Qatar’s broader strategic economic plan,” said Dr Seetharaman.

“There has been overall stabilization of the real estate market this year, particularly in retail mortgage properties, and much of this can be attributed to current and future spending on infrastructure works, increased public sector paychecks, and reinvigorated real estate development in Qatar.”

Doha Bank has launched its revamped retail mortgage loans with a best-in-class product to help reduce pressures on the market stemming from past prohibitive availability of financing for investors and buyers.

“Doha Bank’s 3.99 per cent home loan offer is the best offer currently available in Qatar and it will be offered tailored to suit individual needs,” Dr Seetharaman said.

Suresh Bajpai, head of Retail Banking at Doha Bank added:  “Due to the fact that real estate development in Doha continues to focus greatly on retail mortgage property with projections for another 15,000 new homes entering the market, we are glad to inform you that we have taken the first step towards meeting these requirements through new retail mortgage loans from Doha Bank.”

“2010 has witnessed renewed occupier confidence with registered demand totaling 162,800 square meters. We expect this demand to increase this upcoming year across residential, hospitality, and the retail developments market,” Dr Seetharaman noted.

Retail mortgage loans from Doha Bank which has retail operations in three countries will soon be available for properties in Qatar as well as selected external markets for eligible customers. For example, investors in the GCC eyeing property investments for personal use can also avail Doha Bank’s loans, the bank said in a statement. – TradeArabia News Service