UAE property investors offered new mortgage product
UAE property investors offered new mortgage product
European buyers investing in property across the United Arab Emirates (UAE) can now take advantage of a new mortgage
product. Overseas Property Professional (OPP) reports on this and another specialist service for home buyers in the emirates.
Launched by the Europe Arab Bank (EAB) for
UAE property purchases, the new mortgage product does not set a maximum limit for the total amount
required by investors and also allows buyers to borrow up to 70 per cent of the property's cost price, regardless
of what this may be.
EAB's newly released product is available in Sterling and has a variable rate loan repayable in arrears on a monthly
basis, over a maximum period of 15 years. According to OPP, the current interest rate stands at 7.25 - 7.5 per cent
APR typical. Investors looking to speed up the repayment process can do so through early and lump sum options,
subject to applicable charges. Those wishing to make repayments on a quarterly basis are advised to make
arrangements with the EAB.
Alongside the mortgage, EAB are also offering those investing in UAE property access to its cross-border service,
which aims to ensure that the buying process is correctly undertaken and runs smoothly. A spokesperson for EAB was
quoted by OPP as explaining how the bank can help investors: "Our unique footprint in Europe and the MENA (Middle
East and North Africa) region means that we have a detailed knowledge of local markets. Our dedicated professionals
and business partners are available to assist with each step in the process and mortgages are underwritten in
London, ensuring a fast and efficient decision process."
This story was brought to you by holiday
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20 May 2008
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