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Wed 15 Apr 2009 10:25 PM

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Rakbank launches mortgage promotion

Low interest rates promised for UAE nationals, residents and non-residents buying freeholds.

Buyers looking to acquire a property in Abu Dhabi will be able to take advantage of a special promotion currently being run by Rakbank.Customers who sign up for a mortgage finance deal with the bank anytime before the end of June will be eligible for home loans carrying interest rates from 7.49 percent, down from the previous rate of 8.3 percent. The interest rate varies depending on the type of employment and the loan amount, according to AME Info.

The promotion applies to UAE nationals, residents and non-residents purchasing existing and upcoming residential freehold projects, including those on Al Raha Beach and Yas Island by Aldar, and the Shams project on Reem Island by Sorouh.

Buyers who sign up for a mortgage deal during Cityscape Abu Dhabi or any time before the end of April, will also get exclusive benefits, with lower loan processing fees and the added flexibility to settle 20 percent of the loan free of cost once a year, if interested in the option of early settlement.

Following its entry last year into Abu Dhabi's property market, Rakbank is looking to make its mark on the capital this year and develop more partnerships with the city's leading developers to offer finance for a larger number of properties. The bank offers up to 90 percent mortgage finance for loans up to 25 years.

''With this promotion, Rakbank is offering the most competitive interest rates on mortgage finance in the market,'' says General Manager, Graham Honeybill.

''We were one of the first conventional banks to offer mortgage finance in Dubai over four years go, and quickly built a reputation for fast and flexible service. We aim to similarly establish ourselves this year as a leading mortgage provider in Abu Dhabi with a very competitive offering,'' he added.

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