Emirates Islamic Bank (EIB) has opened up the nation's mortgage market by introducing 100 per cent home loans for Emiratis.
The Bina'a home finance solution is the only mortgage product currently on offer in the UAE that fully covers the financing of a new home. The Sharia-compliant deal comes with a variable rate starting from 4.99 per cent and pre-approval within 24 hours.
Emirati customers also have the option of a five-year fixed rate starting from 5.99 per cent and can apply for a loan for completed properties as well as new developments.
"The Bina'a solution was developed specifically to address the needs of Emiratis who aspire to owning their dream home," says Faisal Aqil, the general manager of retail banking for EIB.
"The mortgage loans are simple and hassle-free, which only leaves customers with deciding which property to buy or [the] location to build their perfect home."
Bina'a, which is Arabic for "to build", also includes benefits such as no processing fee for buyouts, a 60-day instalment deferment and a cash-release option from completed properties.
For more information, go to www.emiratesislamicbank.ae.
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Mortgages are certainly the flavour of the moment, with Emirates NBD (ENBD) also announcing an expansion of its home loan portfolio. The nation's biggest bank by assets announced this week it is now offering home loans to expatriates living in the UAE as well as Emiratis.
Available for a limited period only, the package includes interest rates from 4.49 per cent and the option to fix rates and instalments for up to seven years. The deal also comes with a 50 per cent discount on processing fees, a free property valuation and free life, property and home contents insurance for the first year.
"With the stabilisation of the residential freehold property market and the growth in the economy, more and more expatriates are looking to buy a property," says Shekhar Krishnamurthy, the head of retail assets and liabilities at ENBD. "This special offer on mortgage loans for expatriates has been developed in response to the evolving needs of our customers and will offer them a variety of convenient home financing solutions to choose from."
Employed and self-employed expats can borrow up to 85 per cent of the property value with this offer and those with existing mortgage deals can transfer. Those wishing to raise some cash can also apply for the bank's Loan Against Property option.
Go to www.emiratesnbd.com for details.
pf@thenational.ae
Know your Camel lingo
The bairaq is a competition for the best herd of 50 camels, named for the banner its winner takes home
Namoos - a word of congratulations reserved for falconry competitions, camel races and camel pageants. It best translates as 'the pride of victory' - and for competitors, it is priceless
Asayel camels - sleek, short-haired hound-like racers
Majahim - chocolate-brown camels that can grow to weigh two tonnes. They were only valued for milk until camel pageantry took off in the 1990s
Millions Street - the thoroughfare where camels are led and where white 4x4s throng throughout the festival
RESULTS
Bantamweight: Victor Nunes (BRA) beat Azizbek Satibaldiev (KYG). Round 1 KO
Featherweight: Izzeddin Farhan (JOR) beat Ozodbek Azimov (UZB). Round 1 rear naked choke
Middleweight: Zaakir Badat (RSA) beat Ercin Sirin (TUR). Round 1 triangle choke
Featherweight: Ali Alqaisi (JOR) beat Furkatbek Yokubov (UZB). Round 1 TKO
Featherweight: Abu Muslim Alikhanov (RUS) beat Atabek Abdimitalipov (KYG). Unanimous decision
Catchweight 74kg: Mirafzal Akhtamov (UZB) beat Marcos Costa (BRA). Split decision
Welterweight: Andre Fialho (POR) beat Sang Hoon-yu (KOR). Round 1 TKO
Lightweight: John Mitchell (IRE) beat Arbi Emiev (RUS). Round 2 RSC (deep cuts)
Middleweight: Gianni Melillo (ITA) beat Mohammed Karaki (LEB)
Welterweight: Handesson Ferreira (BRA) beat Amiran Gogoladze (GEO). Unanimous decision
Flyweight (Female): Carolina Jimenez (VEN) beat Lucrezia Ria (ITA), Round 1 rear naked choke
Welterweight: Daniel Skibinski (POL) beat Acoidan Duque (ESP). Round 3 TKO
Lightweight: Martun Mezhlumyan (ARM) beat Attila Korkmaz (TUR). Unanimous decision
Bantamweight: Ray Borg (USA) beat Jesse Arnett (CAN). Unanimous decision
The five pillars of Islam
1. Fasting
2. Prayer
3. Hajj
4. Shahada
5. Zakat
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Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
