HSBC has announced that it has raised the loan-to-value rate to 75 per cent on a range of its mortgage products.
In news that may be of interest to those who are considering buying property in Dubai, the global banking group has cut rates on its Flexi-Loan and EIBOR-based mortgage products, as well as on its HSBC Amanah Home Finance loans.
"This move will provide more flexibility and choice for our customers who are looking to own a home," said Abdulfattah Sharaf, chief executive officer of HSBC Middle East.
He added that the move furthers the bank's position as a responsible mortgage lender that is keen to help those looking to buy property in the UAE and elsewhere in the Middle East.
The loans are available to both nationals and expatriates and have a lifespan of up to 25 years.
HSBC has also recently announced a partnership with Amideast that will provide extensive finance, banking and entrepreneurship training opportunities for women in six Gulf countries including the UAE.