Emaar Development,  the build-to-sell property development business of Emaar Properties, has partnered with Noor Bank to offer an exclusive, fast-track home financing programme for UAE residents and international investors.

A leading shari’a-compliant bank in the UAE, Noor Bank said it will provide guaranteed shari’a-compliant home finance of up to Dh5 million ($1.36 million) for investors with extended tenor of up to 25 years covering 50 per cent of the total value of off-plan property in Dubai at best in class rates.

The facility is available across an extensive range of residences in Downtown Dubai, Dubai Creek Harbour, and Dubai Hills Estate that are offered for sale with a 50:50 payment plan.

Under the scheme, investors have to pay 50 per cent before handover with the remaining 50 per cent to be paid conveniently through the home finance offer by Noor Bank, upon handover.

Emaar Properties Managing Director Ahmad Al Matrooshi said: "Dubai’s strong fundamentals make investment in the city’s real estate sector a promising value proposition for investors. With significant interest among international investors in purchasing Emaar’s residences in Dubai, the new guaranteed mortgage for expatriates and global investors will make their home financing requirements effortless."

"The financing program is available for homes in some of the most desirable destinations in the city including in Downtown Dubai, Dubai Creek Harbour and Dubai Hills Estate, which are conveniently located and have world-class amenities that add to the quality of life of the residents," stated Al Matrooshi.

Mufazzal Kajiji, the head of retail banking at Noor Bank, said: "Our home finance partnership for Emaar’s investors is a landmark step forward. Noor Bank is committed to providing innovative shari’a-compliant home finance solutions, and offering unmatched convenience, flexibility and value to the investors targeting investments in iconic Emaar projects."

"We are confident that this partnership will also go a long way in positively contributing to the future growth of the real estate sector in Dubai," he stated.

Girish Advani, the head of assets (retail banking) at Noor Bank, said: "We are extremely pleased with this partnership with Emaar. As Dubai underlines its credentials as a global investment hub attracting numerous investors each year, we have curated an attractive proposition allowing residents and non-residents to secure adequate home finance solutions for a plethora of Emaar projects in Dubai.”

"Noor Home finance solution for Emaar is open for all residents in the UAE and international investors who are less than 65 years of age. The special program allows salaried and self-employed investors to get quick financing of up to 50 per cent of the total value with hassle-free documentation," he added.-TradeArabia News Service