The real estate market in Dubai is still booming, drawing an increasing number of investors. However, in the UAE, where financing is usually restricted to ready-made homes, a recurring issue has been the dearth of mortgage choices for off-plan properties. As a result, first-time purchasers have found it challenging to enter the market, which has increased their financial burden.
Through programs including lowered down payments, partial waivers of Dubai Land Department (DLD) fees, and priority booking under the First-Time Home Buyer Program, the Dubai Land Department has recently intervened to facilitate access.
Majid Al Futtaim, the top developer and lifestyle innovator in the area, has inked a Memorandum of Understanding (MoU) with Emirates NBDs to close this vital gap. Buyers in Majid Al Futtaim’s residential portfolio can now obtain mortgage financing at the off-plan phase for the first time, marking a change in the way Dubai homebuyers plan their long-term investments.
Customers can apply for house loans with Emirates NBD under the arrangement after making 50% of their property payments. They can take advantage of reasonable interest rates, repayment terms of up to 25 years, and eligibility for both UAE citizens and residents who meet standard credit criteria. As buyers approach ownership, this arrangement provides transparency and convenience by combining outstanding payments under a single banking partner.
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