Dubai Bank, Local Real Estate Company Introduces "Home Finance Solution" In Dubai
The World of Wonders Real Estate Development (WOWRED) announced a partnership with the Dubai Islamic Bank, UAE's largest Islamic banking institution, in an effort to create for its many SLS Dubai Residences customers. The deal will bring a "truly exclusive home finance solution" as well as more offerings from SLS Dubai's 371 branded residences, according to Zawya.
The home financing product will be the first-ever in the UAE residential market. It will also be the lone payment facility, noted for being affordable and its inherent potential to create more than a 45% return on equity in the first 7 years.
Officials from both firms were present during the signing ceremony. Yahya Alkan, CEO of WOW RED, and Varun Sood, Chief of Home Finance for the Dubai Islamic Bank, were on hand to witness the signing of the agreement between both parties. The event was held in Dubai, coinciding with the launch of the home finance product that they were promoting.
The 75-story SLS Dubai Residences is more than 60% completed, according to Construction Week Online. Customers will be able to avail of 25-year financing, with 0% cost in the first seven years under the $550 million-worth scheme offered by the partnership between WOW RED and the Dubai Islamic Bank. In addition, customers will be able to pay only 50% of the total price while construction works are currently ongoing.
Customers will be able to pay installments at a minimum of $313 per month over the first seven years. This is for a property estimated at around $272,257 and is payable upon the handover of the SLS Dubai Residences.
According to reports, the low installment plans represent less than 35% of the costs incurred by many residents for similar units that are common in the market. This means that customers will be able to afford an "incomparable branded apartment" in the Residences and move on from just renting a "standard unit."
The building is currently under construction. Made up of 271 units, it is scheduled for a handover in the year 2020, and is 60% completed, on track to meet with the handover deadline.
The SLS Dubai Tower is feature packed and stylishly designed for a feeling of maximum space, volume, and modernity. It features a lap, leisure, and kids pool, as well as a Jacuzzi and a modern and fully-staffed spa and vitamin bar, among others.