Business | Banking
Amlak Finance offers new financing scheme for residents and expats
Amlak Finance PJSC, real estate financier in the Middle East, announced the official launch of 'Amlak Plus', which is designed to tap into a new segment of customers in the UAE market by offering new and improved benefits than the normal home finance products, while enhancing the customers' eligibility for higher financing.
- Staff Report
- Published: 23:12 August 25, 2008
Dubai: Amlak Finance PJSC, real estate financier in the Middle East, announced the official launch of 'Amlak Plus', which is designed to tap into a new segment of customers in the UAE market by offering new and improved benefits than the normal home finance products, while enhancing the customers' eligibility for higher financing.
Amlak Plus is designed for young professionals, expatriates and new families with a reasonable level of disposable income to own a larger home. It offers a unique opportunity for Amlak customers to pay lower monthly rental (Ijarah) in the initial years of their home financing, with the principal repayment starting at the very beginning of the finance tenor, hence reducing the overall profit outflow.
Arif Alharmi, Chief Executive Officer, Amlak Finance PJSC, said: "We have always spearheaded the market with innovative financing solutions such as Bonus, Bayti, Easy Start and the 1-Hour approval service, and today we are pleased to launch yet another pioneering product that addresses a new segment in the market."
Amlak Plus will allow customers to pay during the first five years a 10 per cent lower monthly installment and as much as one percentage point lower profit rate than normal Ijarah. Following the first five years, the new profit rate applied would be the rate prevailing at that point and normal Ijarah monthly payment will apply throughout the duration of the financing.
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