Bank to offer home financing solutions of up to 80% for project’s customers
Mohammed Bin Rashid Al Maktoum City, District One, has partnered with Dubai Islamic Bank (DIB) to offer customers extended payment plans for its luxury apartments and villas.
Announcing the partnership, the Meydan Group, developers of the greenfield project in Dubai, said the flexible payment plan offers buyers financing of up to 80% for ready and off-plan units. A reﬁnancing option is also available. With low-profit rates of 3.74%, the offer entails a complete basket of home financing solutions, said a statement from Meydan. The profit rate is based on reducing balance and is controlled by EIBOR. The payment plan also offers various solutions for non-resident and multiple property owners.
Saeed Humaid Al Tayer, chairman and CEO, Meydan Group, said: “We are proud of our partnership with DIB in this specific project and we look forward to future tie-ups as well. We have already delivered 300 villas and we are very pleased with the interest that potential home owners and investors have shown in it so far. We are eager to provide more people the opportunity to choose a future life at Mohammed Bin Rashid Al Maktoum City, District One.”
Dr. Adnan Chilwan, group CEO at DIB, added: “The real estate sector is and always will be a key driver of emerging economies around the world and the UAE is no exception. As the largest home finance provider in the UAE, DIB is a key player in the urbanisation of modern Dubai and we actively seek out projects that are aligned to the quality lifestyle that our growing customer base craves. Following this strategy, we are proud to partner with Meydan Group for its prestigious Mohammed Bin Rashid Al Maktoum City, District One project destined to become an iconic development in Dubai.”
Mohammed Bin Rashid Al Maktoum City, District One is a luxury lifestyle community located near to Downtown Dubai. Claiming to offer the most central freehold villa and apartment properties in Dubai, it will have a 7km crystal lagoon, a 14km boardwalk, an 8.4km cycling and running track and parklands.