- Loans of up to AED 3 million offered to UAE residents, against property owned in UAE
- Repayment tenors of up to 15 years with facility to buyout existing loans
- In line with Emirates Money strategy to provide customers with innovative lending products
Emirates Money, a consumer finance company and wholly owned subsidiary of Emirates NBD Group, announced today the launch of an innovative new product, which offers UAE residents up to AED 3 million against a fully owned property. The new loan product is available to UAE Nationals as well as expatriates and can be availed against freehold or leasehold properties in the UAE.
“In keeping with Emirates NBD Group’s overall vision, Emirates Money is focused on delivering tailor-made products in direct response to consumer needs,” said Vikas Thapar, General Manager, Emirates Money. “Innovative lending concepts such ‘Loan against Property’ support the financing requirements of households and businesses across the UAE and help to increase Emirates Money’s market share in the consumer lending arena. In 2011, Emirates Money has successfully built on significant growth demonstrated last year and will continue on this path in 2012.”
The “Loan against Property” can be availed by self-employed individuals and companies. It can be offset against various categories of property, including apartments, villas, shops, offices and warehouses. Repayment tenors can be up to 15 years with minimum documentation and fast pre-approval process. Customers can also opt for facility to buyout existing loans.
“Emirates Money is focused on delivering lending concepts that provide customers with the most attractive terms and are in line with best lending practices globally,” said Saif Al Mansoori, Deputy Head – Group Marketing and Branding, Emirates NBD. “Our new ‘Loan against property’ provides customers with the opportunity to release existing equity in their property to finance personal or business requirements like home or office renovations, working capital, or for any other use.”
As well as “Loan against Property,” Emirates Money also offers Business loans, Commercial vehicle loans, Loan against Gold and Loan against POS receivables.
There are presently three Emirates Money branches in the UAE, including two in Dubai on Baniyas Road and Al Mankhool Street and one in Abu Dhabi’s Khalifa Street.