Mashreqbank and Damac Properties signed a memorandum of understanding following which Mashreqbank will provide mortgage financing for the purchase Damac apartments, officials said.
"We are delighted with Mashreqbank's expression of confidence in the quality of Damac's projects and the underlying strength of the Dubai property market," said Peter Riddoch, CEO of Damac Properties.
"This memorandum of understanding [MoU] extends the long-standing association between our two organisations and will enable Damac to continue to offer high quality value-added service to our customers," he said.
The MoU was signed by Riddoch and Steven Pinto, senior vice-president and retail banking group head for Mashreqbank.
Under this agreement, Mashreqbank will provide a home loan for Damac projects, including Marina Terrace, The Waves Towers (A and B), Ocean Heights (Dubai Marina) and Lake Terrace (Jum-eirah Lake Towers), officials said.
"Mashreqbank is pleased to tie up with a dynamic developer such as Damac Properties, with a vast portfolio of off-plan properties appealing to a wide spectrum of investors and home purchasers. For our part, Mashreqbank provides the widest array of mortgage products in the market, offering unrivalled options and customer choices," said Pinto.
Mashreqbank will undertake credit assessment and approval for both residents and non-residents of Dubai on mortgage terms of up to 15 years. Existing Damac customers will be able to obtain finance for all remaining installments due on their apartments. Mashreqbank will also provide an equity release facility, enabling customers, who already own Damac apartments - with full payments - to borrow on the original purchase price.
Since expatriates have been able to purchase freehold property in Dubai, the construction and real estate markets have been booming at an accelerating rate, said Pinto.
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