Noor Bank (Noor) has extended its ‘three-month payment holiday’ promotion on home finance until 31 March, 2015. The offer makes it much more convenient for customers to acquire property, through allowing them to pay the first instalment after three months of finance disbursal, with no additional charges.
Speaking on the extension of the popular three-month payment holiday, Arshad Rana, Head Portfolio and Channel Relationship, Noor Bank, said: “Based on the overwhelmingly positive response from our customers for the three-month holiday offer on home finance, we have decided to lengthen the period of the scheme. We are confident this will enable more of our customers to take advantage of this opportunity and consider investing in property in the New Year.”
The fixed profit rates start at 3.99% for two years and 4.49% for three years. This means that profit rates will remain unchanged for a fixed period and will protect the customer from any EIBOR fluctuations. Funds of up to AED20 million are available to potential buyers with no salary transfer or company listing requirement. Self-employed individuals are also eligible for the home finance offer. Under the promotion, the profit component of the three-month deferment period will be distributed over the first 12 payments.
If customers wish to transfer their home financing from their current bank to Noor, Noor Bank will also facilitate the transfer or buyout so that customers are able to benefit from the bank’s competitive rates. In addition to the usual documents required for a regular purchase pre-approval, the previous bank’s Liability Letter showing the accurate outstanding amount has to be provided for the home finance transfer.
Noor Bank is also currently the only bank in the UAE offering financing to residents and non-residents on off-plan projects. Since its launch in 2008, Noor Bank has gained a reputation for offering innovative and client-focused banking products and services. It continues to lead the retail banking market in providing convenient banking solutions, including the UAE’s first fully operational mobile internet banking experience in the Arabic language.