Buying a property is probably the biggest investment many people will make. And for those who decide to purchase in the UAE, the process can be daunting, especially if you're far from home.
Although there are plenty of options when it comes to mortgages, the latest fixed-rate offer from Barclays may provide the added security you're looking for.
According to Barclays, the 300-year-old global financial services provider, the idea is to make your monthly payments as predictable as possible, allowing clients to budget and plan ahead in an unpredictable economy. It offers access to a fixed-rate mortgage rate as low as 5.99 per cent with an option to freeze the rate for up to three years.
After that, the bank says, the interest rate reverts to the "prevailing Barclays mortgage rate".
"We expect our fixed-rate mortgage offer to be a breath of fresh air for customers as they protect themselves from fluctuating interest rates," says Mark Elliott, the bank's director of sales for the UAE.
"Borrowing from an established financial services provider is an important factor for our customers and this offer highlights our strategy of offering value to our customers as well as easy and transparent mortgage products."
The scheme includes a variety of other perks, such as a full refund of valuation charges, no processing fees, no application fee and free life insurance for the first year.
Prospective buyers can borrow up to 75 per cent of the cost of the property. The minimum mortgage term is five years and the maximum is 25 years. You must be at least 21 years old and be a UAE resident to apply for the loan.
The fixed-rate mortgage offer is available until December 2. Check out the bank's website (www.barclays.ae) for more information, or text "FREEZE" to 3652.
Meanwhile, Barclays and Dubai Silicon Oasis have signed an agreement whereby the bank can offer three attractive price options to buyers interested in the Dubai's new Cedre Villas development: zero per cent interest for two years, 2.5 per cent interest for three years, or 4.35 per cent interest for five years and free insurance for the first year.
Mohammed al Zarooni, the vice chairman and chief executive of the Dubai Silicon Oasis Authority, says the partnership with Barclays should provide added security and confidence in the development.
According to Dubai Silicon Oasis, the Cedre Villas development is a gated community offering a community centre, clubhouses, nursery, schools, swimming pools and interconnected courtyards.