Dubai Islamic Bank (DIB), the largest Islamic bank in the UAE, yesterday said it will provide up to 90 per cent financing for properties, indicating that mortgage financing is easing in the country.
Property buyers can avail of Al Islami Home Finance for up to 25 years for ready and under-construction properties from approved developers. This facility is available to UAE nationals and expatriates. In addition, DIB is offering refinancing solutions for properties that are already completed.
Emirates Business reported on June 10 that banks are unfreezing mortgages as sentiment improves about economic recovery. HSBC bank said it is bullish on the real estate sector's prospects and has hiked its loan-to-value ratios to 75 per cent on its flexi loan, Eibor-based mortgage products and Amanah Home Finance.
Dr Adnan Chilwan, Chief of Retail and Business Banking, DIB, said: "Property buyers in the UAE are seeking easy home financing solutions. We are offering up to 90 per cent finance. We encourage homebuyers to take advantage of this opportunity."
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