UAE investment property firm links with bank

photo credit: lumaxart
A high-profile UAE investment property developer has teamed up with a bank in an effort to help owners who are struggling with payments.

Mizin, the building arm of Tatweer, has partnered with Rakbank to offer mortgage deals to people who have bought property in the company’s Remraam community, Dubai.

Only available to existing buyers who have not taken out a mortgage, the deal involves the bank offering repayments over periods of up to 25 years.

The move is among the first helping hands offered by Dubai developers to customers who have begun to struggle financially in the current climate.

Ahmad Sharaf, chief executive of Tatweer, said:

“The alliance will contribute to the strengthening of the real estate sector by building end-user confidence in purchasing and retaining property based investments.”

Graham Honeybill, general manager of Rakbank, said:

“The new mortgage facility offered to Mizin customers is another way of easing the process of owning a home in the UAE by making it much more convenient and manageable.”

In December Rakbank launched a publicity drive to highlight the number of loans it still had available during the current crisis.

The move came as some banks across the UAE began to tighten the qualifying criteria needed in order to get hold of investment property loans.

Related posts:

1. Media firm partnership for Dubai investment property firm
2. UAE developer and finance firm strike investment property loans deal
3. Dubai property giant offers price cuts and investment swapping
4. Investment firm backs Ajman’s new real estate regulator
5. Government outlook boosts UAE investment property mood