End-User market to benefit from more flexibility and choice
HSBC Bank Middle East Limited today announced that loan-to value (LTV) ratios have been increased to 75 per cent on its Flexi-Loan and EIBOR based mortgage products as well as on it HSBC Amanah Home Finance.
Abdulfattah Sharaf, CEO of Personal Financial Services, HSBC Middle East said, "This move will provide more flexibility and choice for our customers who are looking to own a home. HSBC continues to be a responsible lender and as such the offer is primarily targeted at end-users who have recently faced acute difficulties getting affordable mortgage finance."
HSBC's EIBOR "Tracker" mortgage offers customers 100% transparency on pricing methodology and is benchmarked against the three months EIBOR plus a fixed margin depending on LTV. The bank guarantees a rate review every quarter on 1st January, 1st April, 1st July, 1st October and the rate will be automatically re-set in line with the actual current three month EIBOR rate.
HSBC Flexi-Home Loan also offers a variable interest mortgage rate and the adjustment of the rate is based on the discretion of the bank and market conditions. This rate is also reviewed every quarter.
"In this challenging economic environment our flexible and transparent mortgage products will help customers to know where their interest rates are heading, allowing them to budget accordingly," added Abdulfattah.
HSBC mortgages are available to expatriates and nationals with loan terms of up to 25 years or until the age of 65, which ever occurs first.
LTVs vary across the bank's approved developers. The list can be viewed on www.hsbc.ae
Minimum salary requirement to qualify for a loan to purchase a property | AED20,000 Salary transfer is mandatory |
Maximum loan term | Loan term 5 to 25 years or until you reach the age of 65, whichever occurs first. |
Who can apply for a loan | UAE Nationals and Expats |
How much is the interest rate per annum | From 8.5%, variable |
-Ends-
HSBC Holdings plc - www.hsbc.com
HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world's largest banking and financial services organisations. HSBC is marketed worldwide as 'the world's local bank'.
HSBC in the Middle East
HSBC Bank Middle East Limited is the largest and most widely represented international bank in the Middle East. HSBC Bank Middle East Limited has 44 branches throughout the United Arab Emirates, Oman, Bahrain, Qatar, Kuwait, Jordan, Lebanon, Pakistan and the Palestinian Autonomous Area. In addition to the branch network, the bank maintains representative offices in Tehran, Iran and Tripoli, Libya. This extensive regional coverage is strengthened by another member of the HSBC Group, HSBC Bank Egypt SAE, and by its associated companies: The Saudi British Bank; British Arab Commercial Bank Limited; HSBC Saudi Arabia Limited; SABB Securities Limited; SABB Takaful Co.; and Dar Es Saalam Investment Bank.
Media enquiries to Andrea Jaishankar,
Manager Communications,
HSBC Bank Middle East Limited on 04 3906639
andreajaishankar@hsbc.com
© Press Release 2009
