EIB and Al Manal launch home finance

Dubai: Emirates Islamic Bank (EIB) and Al Manal Development have signed a memorandum of understanding to provide mortgage financing to customers buying property in the Lakeside Residence development.

Al Manal Development's Dh300 million project in the Jumeirah Lake Towers master development is a 35-storey residential tower including 358 freehold apartments.

Construction of the one- and two-bedroom units began in August and will be completed in 2008. Prices start at just a little over Dh650,000, the company says.

The mortgage financing deal, which will be available though the EIB's Manzili home financing services, will extend home financing to 85 per cent of the value of the property to UAE nationals and expatriates with a repayment period of up to 20 years.

Customers earning salaries of at least Dh8,000 per month are eligible for financing depending on the bank's eligibility criteria, EIB officials said.

The MoU was signed by Juma Al Ghurair, chairman of Al Manal Development and Faisal Aqil, general manager for retail banking at EIB.