Business | Banking
RAKBank unveils mortgage deal for Aldar and Sorouh properties
RAKBank has announced the launch of mortgage finance services for a large number of existing and upcoming properties in Abu Dhabi for Al Dar and Sorouh.
- Staff Reporter
- Published: 23:36 December 22, 2008
Dubai: RAKBank has announced the launch of mortgage finance services for a large number of existing and upcoming properties in Abu Dhabi for Al Dar and Sorouh.
RAKBank recently signed agreements with Aldar Properties and Sorouh Real Estate offering up to 90 per cent mortgage finance and a 25 year loan tenure for all their residential freehold projects in the city.
The projects include the much awaited massive development of Al Raha Beach and Yas Island by Aldar, as well as Sorouh's Shams project on Reem Island, with iconic architecture in plan for the Gate district, Sun Tower, Sky Tower and Alghadeer.
"With announcements of unique landmark projects, multi-billion dirham investments and a rising demand for housing, Abu Dhabi is rapidly emerging as a major property hotspot in the Gulf region, and an important focus area for us as a mortgage finance provider", said Graham Honeybill, general manager of RAKBank.
"RAKBank was one of the first conventional banks to offer mortgage finance in the UAE over four years go," added Ian Hodges, head of Personal Banking at RAKBank.
Reputation
Hodges spoke on their reputation, saying: "We have built a reputation for offering fast and flexible mortgage services in the UAE, with particular emphasis on facilitating what is generally known worldwide as a complicated process for homeowners."
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