The profit rates for two-year and three-year terms are set at 3.99 per cent per annum and 4.49 per cent per annum respectively
Dubai: Noor Bank on Saturday day announced the launch of two new home finance offers to provide customers with differentiated and value-added products and services.
The new fixed profit rate variant allows customers to benefit from finance for a specific term of two and three years, insulating them from fluctuations during the period. The profit rates for two-year and three-year terms are set at 3.99 per cent per annum and 4.49 per cent per annum respectively.
The bank has also launched the ‘Avail Now and Pay Later’ scheme to offer customers financing for a payment plan starting three months from the date of finance initiation. This option is applicable to both fixed rate and variable rate options.
Arshad Rana, Head of Secured Assets, Noor Bank, said: “The two product offerings have been developed to match the dynamic finance needs of our customers and offer them an extended range of benefits and features. We are confident that both these innovations from Noor Bank will empower our customers with the much needed stability and place them in better control of their finances. We have timed the launch of these solutions to coincide with Cityscape Global 2014 that is set to showcase several attractive properties in Dubai’s resurgent real estate sector.”
According to the Dubai Land Department, a total of 17,289 real estate transactions worth Dh37.5 billion were conducted in the first half of 2014, highlighting the growing investor confidence in the property sector.
Rana added, “The UAE has emerged as a global hub for residential investment and business due to its world-class infrastructure and high standard of living that have a direct impact on the property sector. We understand that our cost-conscious customers are sensitive to rates and constantly on the lookout for best-in-class financing options. This made it imperative for Noor Bank to offer comprehensive home finance packages to provide customers with the flexibility of choosing a preferred option according to their financial needs.”