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Noor, Emaar tie up, offer mortgages to non UAE residents

05 Jun 2013

(MENAFN) John Chang, the head of retail banking at Noor Islamic Bank, stated that the bank had agreed a alliance with Emaar Properties to offer off-plan mortgages to residents outside the UAE on the developments being marketed overseas, reported The National.

Chang added that Noor bank has seen great demand for its home finance package both from nationals and residents, and that it is going to finance non-residents planning to invest in UEA properties.

It is worth noting that at the beginning of 2013, the UAE Central Bank proposed limiting property loans to 50 percent of the purchase price for first-time buyer expatriates and 70 percent for UAE nationals buying their first property due to concerns about the inflating Dubai property sector.

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