Bank offers up to $5 million in mortgages for properties in Dubai

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Underscoring an emerging positive sentiment in the property market, Standard Chartered is offering up to Dh18.4 million ($5 million) in mortgage to attract high net worth individuals. With a tenor of 15 years and a loan-to-value (LTV) ratio of 60 per cent, the mortgage is available to complited freehold properties built by any of the bank’s registered developers. The interest rate will be pegged below  per cent in most cases but will depend on the client and the type of transaction.

Though borrowers can receive loans for up to maximum of four properties, the LTV will reduce by 5 per cent for each additional mortgage.

Properties build by master developers Emaar, Nakheel, Dubai Properties, Union Properties, Al Dar, TDIC and top-end developers World Trade Centre Residences, Victory Heights, Manazel, ETA Star and Zabeel can be purchased under this mortgage agreement.

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