Doha Bank has launched its revamped retail mortgage loans portfolio, which now features “Qatar’s best and most competitive” interest rate of 3.99%.
The bank said it will provide loans of up to 70% of property value for Qataris and expatriates, with mortgage repayment periods of up to 20 years.
The bank is also offering customers the option of bundling a furniture loan that may comprise up to a value of QR2mn under the same terms as that of their housing loan.
The updated home loan portfolio features four product variants for discerning individuals and families. Qatari customers can obtain housing loans for ‘ready to sell properties’ or houses and villas under construction, while expatriates and Qataris can benefit from leasehold and freehold property purchases.
Doha Bank Group chief executive officer, Dr R Seetharaman hosted a briefing session that brought together Qatar’s top real estate agents and developers as well as representatives from the GCC to announce the new housing loan offer as well as glean market insights from these top professionals.
Dr Seetharaman said, “At Doha Bank, our customers’ needs are paramount and we believe in launching products best suited and geared towards their expectations. Doha Bank recognises that the property market in Qatar is gaining more momentum.
“The market currently has the ability to absorb an increasing level of loans and investments due to the growing demand for quality housing options to meet Qatar’s fast-expanding economic foundations. Not only is the demand inherent in the existing market, but all indicators suggest that the demand will be sustainable in the coming decade due to growing inward investment and the increasing numbers of expatriate workers.”
He also said Doha Bank was seeking to play a significant partnership role, particularly in Qatar where it can fulfil expert consultancy roles for both the borrowers and the property owners.
“Qatar has a long term socio-economic growth formulae that will help develop sustainable business interests well beyond the World Cup in 2022, which is but one component of Qatar’s broader strategic economic plan.
“There has been overall stabilisation of the real estate market this year, particularly in retail mortgage properties, and much of this can be attributed to current and future spending on infrastructure works, increased public sector paychecks, and reinvigorated real estate development in Qatar.”
Doha Bank said its revamped retail mortgage loans with a best-in-class product will “help reduce pressures on the market stemming from prohibitive availability of financing” for investors and buyers.
“Doha Bank’s 3.99% home loan offer is the best offer currently available in Qatar and it will be offered tailored to suit individual needs.”
Doha Bank head (Retail Banking) Suresh Bajpai said, “Due to the fact that real estate development in Doha continues to focus greatly on retail mortgage property with projections for another 15,000 new homes entering the market, we are glad to inform that we have taken the first step towards meeting these requirements through new retail mortgage loans.”
Retail Mortgage Loans from Doha Bank will soon be available for properties in Qatar as well as selected external markets for eligible customers.
For example, investors in the GCC eyeing property investments for personal use can also avail Doha Bank’s loans.
Similarly, Qataris looking to invest externally can also utilise the bank’s services. Doha Bank expects to roll out services for these markets in phases, following its launch in Qatar and later extending outward, starting with the UAE, where the bank has a full-fledged branch.