99% financing for Jumeirah property

Dubai Bank will finance Jumeirah Beach Residence homes with only 1% down payment.
99% financing for Jumeirah property
By Safura Rahimi
Sun 24 Jun 2007 04:01 PM

Dubai Bank is set to offer up to 99% financing to buyers looking to purchase residential apartments at Jumeirah Beach Residence, the lender announced today.

According to the bank, the offer will allow buyers to obtain financing with only 1% down payment.

The offer is set for a limited period and part of an arrangement with Dubai Properties, the project's developers.

"We are proud to join Dubai Bank in offering homeowners the opportunity to purchase apartments in our first freehold residential development at Jumeirah Beach Residence and therefore partnered in this landmark agreement to promote our unique gesture for the repayment policy," said Abdul Rahman al Madhloum, director of sales at Dubai Properties.

The financing option is only available to UAE nationals and residents, he added.

"Dubai Bank will charge a flat processing fee of AED10,000. [And] finance facility repayments will span a maximum period of 20 years based on the eligibility criteria," al Madhloum said.

The Jumeirah Beach Residence boasts 36 residential towers, four hotel towers and four beach clubs and is the largest single phase residential development in the region.

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