DAMAC to host two-day mortgage event with UAE banks this weekend

Dubai: UAE homebuyers and property investors can compare mortgage offers from several leading banks at a two-day event being held by DAMAC Properties this weekend.

Participating banks are offering financing of up to 85 per cent available to UAE Nationals and up to 80 per cent for expatriates, depending on eligibility and individual bank lending criteria.

The DAMAC Mortgage Event will take place on August 8 and 9 at the DAMAC Lagoons Sales Centre, from 10am to 6pm.

Mortgage specialists from Abu Dhabi Islamic Bank (ADIB), Emirates NBD, Mashreq and other leading banks will be available at the event, Damac said in a statement.

Mortgage approvals, zero processing fees

It said prospective buyers attending the event can receive personalised guidance on their mortgage eligibility and may be able to secure approvals on the spot.

DAMAC said the event will also feature offers including zero processing fees, cashback and other financial incentives, aimed at reducing some of the upfront costs involved in buying a property.

The financing available will depend on each customer's eligibility and the lending criteria of the individual bank.

Mortgage solutions will also be available for eligible off-plan projects that have reached 30 per cent construction completion, expanding the range of properties for which buyers may seek financing.

Both UAE residents and international buyers can explore financing options at the event.

Some eligible borrowers may also be able to access arrangements under which they pay only part of their monthly instalment during the construction period. DAMAC said this could help buyers manage their cash flow before a property is completed.

Amira Sajwani, Managing Director, DAMAC Properties, said: “Buying a property is a significant decision, and access to the right financing can make that journey considerably easier.”

The mortgage event forms part of DAMAC's wider efforts to expand access to its property portfolio through financing support.