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
  • Gulf News

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.

  • Rate this article
  • Average reader rating (1 votes) 0 Stars
Tools

Emailing an article to friend is a simple way to share a news item. Your friend will receive an email with your name and email address as well any personal message you choose to send.

The information you provide on this page will not be used to send unsolicited emails.

This service is not intended to encourage spam, and action may be taken against individuals who maliciously enter personal details of another individual.

Share this article

More from Banking

  1. UK bank review recommends greater pay disclosure

  2. Lloyds shareholders approve rights issue

  3. Iraq returns to international financial markets

  4. Dubai forum tackles corporate social responsibility

All articles in Banking

More from Business

Gulf News
Popular in Business
Airlines in the region
Budget travel

Airlines in the region

Take a pictorial look at some of the budget airlines in GCC

Business Editor's choice