Abu Dhabi based real estate developer Tamweel has decided to launch a non-resident home finance programme for overseas investors looking to purchase residential property in the UAE.
Tamweel will provide finance for ready residential properties in Abu Dhabi and Dubai up to a maximum value of Dh5 million and with a repayment tenure of up to 25 years.
Only salaried individuals from select countries are eligible for the scheme.
“The recent announcement by the Federal Cabinet will bring about increased certainty to foreign property investors which will in turn provide a boost to the UAE real estate sector. In launching this product now, Tamweel is well positioned to meet the anticipated uplift in demand from overseas investors," Varun Sood, Acting CEO Tamweel, said.
Tamweel is also launching a Home Refinance Programme which paves way for salaried and self-employed owners of fully paid properties to acquire finance for 50 per cent of the value of their home.
"The launch of Tamweel’s Home Refinance Programme meets this demand and is in line with our commitment to provide innovative solutions that meet the evolving needs of customers,” Sood added.