Amlak Finance, a leading real estate financier in the Middle East, has launched an innovative product that offers new and improved benefits to customers.

Amlak Plus is designed for young professionals, expatriates and new families with a reasonable level of disposable income to own a larger home.

It offers a unique opportunity for Amlak customers to pay lower monthly rental (Ijarah) in the initial years of their home financing, with the principal repayment starting at the very beginning of the finance tenor, hence reducing the overall profit outflow, a statement said.

Commenting on the launch of the new product, Arif Alharmi, chief executive officer, Amlak Finance, said: “We have always spearheaded the market with innovative financing solutions such as Bonus, Bayti, Easy Start and the one-hour approval service, and today we are pleased to launch yet another pioneering product that addresses a new segment in the market.”

Amlak Plus will allow customers to pay during the first five years a 10 per cent lower monthly instalment and as much as one percentage point lower profit rate than normal Ijarah. Following the first five years, the new profit rate applied would be the rate prevailing at that point and normal Ijarah monthly payment will apply throughout the duration of the financing, the statement said. –TradeArabia News Service