A Memorandum of Understanding (MoU) was signed on Wednesday by Dubai's Damac Properties and Doha Bank to provide mortgage financing to customers looking to buy property within Damac's 14-building 'The Piazza' real estate development with Lusail's Fox Hills community in Doha.
"Our MoU with Doha Bank stems from our belief in this substantially solid banking institution along with our strong faith in its reputation as a considerably prominent, customer oriented establishment", said Peter Riddoch, Chief Executive Officer at Damac Properties, according to The Peninsula.
Riddoch, along with Deputy CEO at Doha Bank, R Seetharaman, signed the landmark MoU.
"We foresee a significantly fruitful relationship with Doha Bank, going forward, and perceive our agreement as long term as we plan to launch a number of ambitious projects within Qatar, going forward", Riddoch added.
Under the MoU, home loans will be extended by Doha Bank to Qataries and expatriates with a repayment period of 30 years. In addition to other attractive terms of the loan, the repayment period is the longest offered by any bank in Qatar.
"We always keep our customers at the forefront and strive to provide the best offerings," said R Seetharaman.
"Today we offer the best Home Loan scheme to Qataries and expatriate customers. We extend home loans with tenors of up to 30 years, and our rates are the best in the market. With its booming economy today, Qatar is a favorite destination for investors. The country is attracting a large number of investors in various fields and we are confident that the real estate investments in Qatar will definitely increase in the future. The entry of new real estate developers will benefit customers to a large extent with regard to multiple choices, pricing etc."
