Has, together with the growth in the property market, Dubai witnessed simultaneous growth in its home finance sector in the past three years. According to a recent study by EFG-Hermes, the current outstanding loans amounted to Dh 11.5 billion. It is used by the Egyptian investment bank that the UAE housing finance will grow by Dh 14 billion in 2007, valued Dh 18 billion in 2008, growth is estimated Dh18bn in 2009 as well and Dh 14 billion and 17 billion Dh in 2010 and 2011respectively. These figures were based on a population expected to win an average annual growth rate of around three percent.
The dominant forces in the home of the Emirates Financial Market are Amlak and Tamweel. They account for about 35 and 25 percent of the industry and community.
Leave the real estate boom in the emirate, the world spell bound, EFG-Hermes predicts that the overall growth in real estate should not exceed the figure of Dh419bn in the years between 2008and 2011. It has also been said that Dh 64bn will be funded by loans. The National Bank of Dubai has, with properties for the sole purpose of financing of housing, which tied for intervention Tower 'H'. Tower 'H' is a primary tower for residential use at the Business Bay Executive Towers in the project. These bind the National Bank of Dubai and Dubai Properties, is more than welcome, as it is easy to tie these financing conditions for the people who are aspiring to buy certainApartments in the Tower 'H'. This simple system means that people will be able t finance their dream homes with no obligations of interest repayment. In this case, the loan is made available for 85 percent of the property price by an amount of 4 million AED, whichever is lower. This loan is provided for a period of 20 years are available.
Dubai Islamic Bank (DIB) and Al Islami finance home are also witnessing high demands from the retail customers.
They have recentlyfeatured solutions aimed at the needs of consumers. These customers include both the UAE nationals and foreigners who are trying to buy a property in the UAE freehold real estate market.
In response to this high demand of the population, DIB announced the launch of Mobile Mortgage Advisors. They are a team of mortgage sales expert who will provide valuable advice to customers door.
To finance Al Islami, which launched finance solution products such asthe "forward Ijarah" and "Ijarah". Through the "Advanced Eligibility Process" Customers have the right to limit their finances without having to select a property to choose.
The Dubai Islamic Bank has seen the needs of diverse customers. The Al Islami offers home loan financing up to 90 percent and a maximum term of repayment of loans of 25 years, depending on the eligibility of their customers.
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