Bank launches home loans for non-residents to buy in the UAE

Bank launches home loans for non-residents to buy in the UAE

UAE-based Emirates Islamic has announced the launch of home finance solutions to help non-residents purchase property in the UAE.

Investors residing in Kuwait, Oman, Bahrain, Saudi Arabia, India, the United Kingdom, China, Hong Kong and Russia can now avail finance up to 50 percent of their UAE property value for a 25-year tenure, the bank said in a statement.

Wasim Saifi, deputy CEO - Consumer Banking and Wealth Management at Emirates Islamic said: "We are extremely delighted to introduce home finance solutions to non-residents, helping them take the first step towards owning a property in the UAE.

"Dubai remains one of the world’s top destinations for second-home owners and investors alike. Through initiatives such as the Dubai Land Department’s Dubai Property Show and the availability of financing options, overseas investors will find it much easier to realise their dreams of purchasing a property in Dubai.”

He said that customers applying for home finance can also benefit from fast-tracked documentation.

The launch is aligned with the bank’s strategy to expand its retail banking proposition, he added.