CBD introduces new home loan solution

Dubai: As part of its efforts to offer innovative and customer-driven services, Commercial Bank of Dubai (CBD) has launched a mortgage loan solution in the market.

Faisal Galadari, general manager of Business Group of CBD, said: "With the continuous steady growth in the economy, the real estate market in Dubai is today growing at an exceptional rate. We are constantly monitoring the changing needs of the market to introduce new and innovative products. We have designed this mortgage loan solution to help our customers realise their dreams of owning a home. The mortgage loan solution offers highly competitive pricing based on every customer's unique profile. Our objective is to let people buy homes and take advantage of this innovative service solution without compromising on their lifestyle."

Product features

Thomas Smith, deputy general manager and head of retail banking of CBD, said: "We have currently launched the product in Dubai and are looking at extending the offering to other locations across the UAE in future."

The key features of the product include loans of up to Dh10 million, highly competitive pricing, one of the lowest loan processing fees in the market that can be extended up to 90 per cent of the total cost of the property for both primary and secondary properties, a six-month payment holiday option for completed properties, repayment period up to 25 years thus reducing the monthly payments for the customer, both fixed and variable rate options and an attractive refinance facility for existing home owners.

Apart from the mortgage loan solution, CBD also offers a wide range of retail and commercial banking products and services through a network of 24 branches spread across the UAE.