DAMAC and Abu Dhabi Commercial Bank Announce Landmark Home Mortgage MOU

From: Promax Middle East
Published: Sun May 22 2005

Following the successful launch of DAMAC Holding, DAMAC Properties and Abu Dhabi Commercial Bank (ADCB) signed today a Memorandum of Understanding (MOU) to provide Home Mortgage Finance to all customers looking to purchase DAMAC apartments in Dubai.

The main features of the MOU include home loan financing up to 90% of the apartment’s purchase price on terms of up to 25 years and interest only until delivery of the apartment. A range of attractive and flexible interest rate packages and a processing fee of half the market norm will be available to both residents and non-residents of the UAE.

To mark the signing of this home loan MOU, DAMAC and ADCB announce a landmark 30-day special deal to homebuyers that will provide for zero interest, zero processing fee, and zero loan repayment until delivery of apartments in DAMAC’s Ocean Heights and Crescent projects.

DAMAC customers will also have the facility to obtain a pre-approval from ADCB for financing a property they wish to buy in principle, enabling them to quickly conclude a purchase agreement once they have identified the specific apartment.

"We are delighted to provide all our customers with a landmark Mortgage Finance deal between DAMAC and ADCB, coupled with our never before seen special offer. The arrangement will usher in a new era for the Dubai Home Mortgage Finance and Property sector, and will extend the dream of freehold property ownership to thousands of people", said Peter Riddoch, CEO, DAMAC Properties.

Riddoch added, " This is the first of many similar innovations by DAMAC and ADCB that we expect to be developed and rolled out in order to continue setting the standards in mortgage financing and property ownership. Our collaboration once again, clearly sets DAMAC and ADCB apart as innovators and leaders in the home mortgage finance and Dubai property sectors. A spectacular response is expected, and we have accordingly extended our sales offices opening hours to 12 hours a day, starting from 10 am".

In an unprecedented move, DAMAC will assist all ADCB customers in their real estate purchases through the presence of a dedicated sales team in select ADCB branches.

Ala’a Eraiqat, Executive Vice President, Head of Consumer Banking at Abu Dhabi Commercial Bank stated: "It gives us great satisfaction to, once again, reinforce the 20 year strong relationship with DAMAC Holding in the development of the UAE home mortgage and property market and to celebrate it with an unprecedented offer to DAMAC home buyers."

He reiterated, "The result would be customized finance and mortgage schemes that would benefit the end consumer. Flexibility, customized interest rates, and low down payment will bring the customers closer to purchasing their dream home"

DAMAC Properties is today the leading private developer in the UAE with 18-tower projects already launched on every master planned developments in the UAE, including the Palm Islands Jumeirah and Jebel Ali, Dubai Marina, Dubai International Financial Centre and Discovery Gardens.

Apartments in all DAMAC Properties developments are sold in the company’s three sales offices in Dubai Media City, Dubai International Financial Centre (DIFC), Bin Ham Building next to Deira City Centre, along with DAMAC’s worldwide sales office network.
Company: Promax Middle East
Contact Name: Rasha El-Ghoussaini
Contact Email: rasha@promax.ae
Contact Phone: 00971 50 2571020