Mashreqbank has introduced a wide variety of additional mortgage and realty finance products to satisfy demand from a widening base of customers. These include resale transactions, refinancing, pre-approved loans, and mortgages for non-residents who are eager to participate in the Emirates’ real estate boom.
Since becoming the first commercial bank to launch mortgage products, Mashreqbank has now also introduced construction finance and continues to expand the network of property developers it works with in order to add value to the real estate supply chain.
To further enhance its expanding portfolio of mortgage-related services the bank has recently inked an agreement with Cluttons, the UK’s and UAE’s leading property valuation agency, to provide clients with accurate, professional property value appraisals.
“Property is a cornerstone of a diversified economy and we expect to see continuing dynamic growth in the UAE real estate sector for a long time,” said Steven Pinto, Head of Retail Banking Group, Mashreqbank.
“A fair market appraisal is essential for both property developers and potential purchasers, as it means both parties in a property deal get exactly what they require without any hidden surprises. In addition to being one of the oldest and most respected property surveyors in the UK, Cluttons has an unrivalled two decades of experience in the UAE real estate market. Our partnership with them will enable us to provide our customers with comprehensive property finance solutions,” said Pinto.
Mashreqbank was among the first financial institutions to pioneer home mortgage products and services in the UAE property market, which is expected to become a US$200 billion industry by 2010.
In addition to Emaar, Jumeira Beach Residence and Al Nakheel, Mashreqbank is now also offering mortgages for developments by ETA Star, GIGA, and Global Real Estate, with several others expected to follow shortly.
By offering resale finance for selling on property, and refinancing or ‘equity release’ for properties that have been purchased and paid for, Mashreqbank is helping to facilitate a healthy secondary market as well as enabling investors to build up a healthy property portfolio.
Pre-approved eligibility for a home loan will provide peace of mind for customers who want to make a deposit on a property in new off-plan developments, which invariably sell out remarkably quickly, safe in the knowledge that Mashreqbank will provide the funding.
Mashreqbank has established specialist mortgage centres at its main branches in the UAE, where customers can receive expert mortgage advice.
© 2004 Mena Report (www.menareport.com)
