Since its launch in February, Tamweel has achieved tremendous success because it the only finance institution in the UAE which offers fixed rates for long-term home finance, according to financial observers.
Sulaiman Al Fahim, Marketing and Product Development Manager of Tamweel, says: “The company has received an enthusiastic response to its Fixed Lease-To-Own option. The product, provided within the guidelines of Islamic financing, offers a repayment period of 15 years maximum.”
The company has four types of home finance products on offer; Home Builder, Flexi Rent-To-Own, Fixed Lease-To-Own and Home Owner. As demand for home finance and property financing booms in the UAE, these products from Tamweel are designed to satisfy the demand for home finance. “Our other options entail a maximum repayment period of 25 years, one of the longest timeframe on offer in the UAE,” Mr Al Fahim added.
Tamweel’s home finance products primarily focus on individual property owners. The products, which offer up to 80 per cent financing for residential properties, has taken the residential sector by storm, showcasing the soaring demand.
“Under the Fixed Lease-To-Own product, the customers have the option to opt out in case he does not wish to take up the property. Most of the home finance seekers have fixed income and hence they go in for a fixed lease option,” Mr Al Fahim said, adding the option is based on a fixed profit rate, thereby giving customers stability and peace of mind.
Tamweel has designed a range of world-class products for local, GCC and expatriate home owners, and commercial investors, making it a strategic partner for home finance in the UAE.
Tamweel was set up with an approved capital of AED1 billion with the backing of Dubai Islamic Bank, the first Islamic banking institution in the world, and Isthithmar, which is part of the corporate group including the Dubai Ports, Customs and Free Zone Corporation, Nakheel, Dubai Metals and Commodities Centre (DMCC) and Tejari.
The options include:
•Flexi Rent-To-Own product, which offers up to 80 per cent financing for residential properties, along with a flexible profit rate.
•The Home Owner product where customers can purchase a property handpicked from Tamweel’s approved developers and enjoy repayments deferred over a period of time.
•Home Builder, the fourth alternative, provides financing for the construction of property, where the customer makes an initial down payment and then repayments begin only after construction is complete.
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