Commercial Bank International launches Home Loans

21-Feb-2012

Commercial Bank International (CBI) today announced the launch of its new Home Loan product as part of its overall strategy to expand its product menu by offering innovative and customer centric products and services.

The new Home Loan offers varied interest rates to suit the client’s individual financial circumstances, with rates starting from as low as 3.95% fixed for 12 months, to a 24-month fixed rate or a variable rate scheme linked to market rates. It further offers a maximum loan to assessed value of 80% spread over a period of 20 years with a free for life credit card. The product is available to salaried customers who are residents of the UAE.

David Power, Head of Retail Banking

Speaking at the launch, David Power, Head of Retail Banking, said: "The property market is maturing into a home-owning environment, and CBI would like to be a key driver in expanding this segment. We are also very excited to be launching a truly customer-centric product which offers our clients the maximum flexibility in financing their new home."

CBI Home Loans will be available from a minimum of AED 500,000 up to a maximum of AED 5 million, in areas where all nationalities are allowed to own a residential property.

Some of the key features of the product include highly competitive pricing depending on the customers’ needs, one of the lowest loan processing fees in the market, a loan to assessed value of 80% of the total cost of the property for both primary and secondary residences and a repayment period of up to 20 years.

Additionally, a team of expert CBI Home Loan consultants will be available to meet with customers to discuss and determine the best financing needs to suit their individual requirements. The consultants will meet the prospective customers at a venue of their choice and loan approvals will be made within 24 hours.

Mr. Power adds: “We believe that the timing of the launch of this product is perfect given the current market conditions and the overall improvement in the market confidence of the UAE. We have also done extensive market research to understand what our customers were looking for in this specific product and we are confident that we have covered all key areas of concern."

CBI has established specialist mortgage centers at all its main branches across the UAE, (Dubai Main Branch, Sharjah Main Branch, Nakheel Branch in RAK and Corniche Branch in Abu Dhabi), where customers can receive expert mortgage advice. Over and above this a dedicated Home Loan Hot line and email has been set up which will be available 24/7, 365 days of the year to answer any queries that a customer may have on the product! The number is 065112300 and the email address is home.loans@cbi.ae.