Thursday, December 25, 2008

RAKBANK strikes deal with Sorouh, Aldar for mortgage finance in Abu Dhabi

With the RAKBANK announcing new mortgage finance service schemes for several existing and upcoming projects in the city, potential buyers stand a good chance of owning their dream home in Abu Dhabi.

The RAKBANK, together with Aldar Properties and Sourouh Real Estate, have entered into a deal, wherein the bank, being a strategic mortgage partner for the developers, is offering upto 90 percent mortgage finance and 25-year loan tenure for all their residential freehold properties in Abu Dhabi.

The projects include the Al RAha Beach and Yas Island by Aldar, and Shams project on Reem Island by Sorouh, and the iconic architecture underway for the Sun Tower, Gate district, Alghadeer and Sky Tower.

According to Graham Honeybill, the General Manager of RAKBANK, the announcements of several unique landmark projects, multi-billion dirham investments and growing demand for housing, has made the Capital a property hotspot in the Gulf region, and therefore, mortgage finance provider becomes the focus area.

RAKBANK, the National Bank of Ras Al-Khaimah, was one of the first conventional banks to offer mortgage finance in the UAE four years ago, and has thereafter built a reputation in providing fast, flexible mortgage services in the UAE. This new partnership deal is the latest by the bank, although it is already offering mortgage finance services to several major residential projects developed by other developers such as Nakheel, Emaar, Emaar Bawadi, Mizin, Dubai Properties, ETA Star and Deyaar.

Both Sorouh Real Estate and Aldar are two largest property developers with about Dh.60bn and Dh.45bn worth developments in hand. Aldar owns 51mn square meters of land in Abu Dhabi, while Sorouh is undertaking development of 22million square meters of land in the city.

1 comment:

youtube said...

thats a good news well done Abu Dhabi