UAE-based Danube Properties, UAE’s leading property developer, has signed a memorandum of understanding (MoU) with the Bank of Baroda, one of the top Indian banks present in emirates, to provide home loans to the investors of its Dreamz By Danube project in Dubai against their property purchase.

Dreamz is the first project launched by the group at Dubai’s Al Furjan neighbourhood. Spread over an area of 700,000 sq ft, it offer villas with three and four bedrooms. Moreover, the property also houses state-of-the-art amenities including a gym, swimming pool, sauna and children’s play area.

This MoU is a statement of intent to give customers a chance to apply for home loans at a rate of interest that is as low as 3.5 per cent per annum, said Rizwan Sajan, the founder and chairman of Danube Group after signing the agreement with Suhas Sontakke, deputy general manager of Bank of Baroda.

“We are happy to offer our customers with finance for our Dreamz project. The primary reason for signing of the agreement is to enable our customers to mortgage their properties and get loans. We hope to have a fruitful partnership with Bank of Baroda and want to ensure that we can provide promising solutions for our buyers,"  stated Sajan.

The Bank of Baroda has been ranked as one of the top Indian banks present in the UAE since 1976.

The valuable exchange of professional knowledge and best practices shared in this partnership will significantly sharpen Danube’s goal toward providing value-added services to their diverse customer base, said Sontakke.

Explaining the unique selling points (USPs) of the bank's housing loan scheme, Sontakke said a dedicated desk had been set up by bank for speedy sanction of loans to eligible customers and these could be availed from any of the branches of Bank of Baroda in the UAE and other GCC countries.

The signing ceremony was attended by Anis Sajan, the managing director of Danube Group, Atif Rahman, the general manager of Danube Properties, Vineet Dudeja, the chief executive of Bank of Baroda (GCC Operations) and members of the senior management and bankers.-TradeArabia News Service