Doha - Damac Properties and Doha Bank recently signed a landmark Memorandum of Understanding (MoU) to provide mortgage financing to customers wishing to purchase properties within The Piazza, Damac's 14-building AED1.5bn stunning real estate development with Lusail's Fox Hills community in Doha.
Peter Riddoch, Chief Executive Officer at Damac Properties, and R Seetharaman, Deputy CEO at Doha Bank signed the MoU.
"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 Riddoch.
He added: "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", he added.
Doha Bank will extend home Loans to Qataries and expatriates with a repayment period of 30 years, the longest tenor offered by any Bank in Qatar. In addition to the home loan, Doha Bank offers furniture loans at very attractive terms.
R Seetharaman said, "We always keep our customers at the forefront and strive to provide the best offerings. 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.'
Seetharaman added: "Doha Bank would customise the financing for the purchasing of Damac properties to suit the customer requirements shortly. This will include flexible repayment and disbursement options to suit the construction schedule of the developer."
© The Peninsula 2006
