Dubai-based financing company Tamweel has launched a range of home finance products for the residential property sector in the United Arab Emirates (UAE), backed by the power of two of the UAE’s leading institutions.
The company will offer four types of home finance products, namely, Home Builder, Flexi Rent to Own, Fixed Lease to Own and Home Owner. As demand for mortgages and property financing booms in the UAE, the new mortgage products from Tamweel are designed to satisfy demand for home finance provided within the guidelines of Islamic financing.
Backed by the combined strength of Dubai Islamic Bank and Isthithmar, the investment company created by the Ports, Customs and Free Zone Corporation, Tamweel is poised to be one of the leading mortgage providers in the UAE.
Tamweel’s Home Finance products will primarily focus on providing mortgages to individual property owners. Tamweel anticipates that the Flexi Rent to Own product will be the most popular amongst customers, offering up to 80 percent financing for residential properties, along with a flexible profit rate.
Repayment terms range between three and 25 years, different products offer fixed and flexible profit rates and a minimum monthly income of 10,000 Emirati dirhams ($2,722) is required.
Tamweel focuses on the mortgage and real estate sector. The company has been established with an approved capital of one billion dirhams and is also planning to develop the secondary market, offering securitization of assets. — (menareport.com)
© 2004 Mena Report (www.menareport.com)
