UAE elite offered $5m mortgages

19/05/2010 - Dubai Property News
Dubai property investment opportunity - The First Group
UAE elite offered $5m mortgages

Posted by Bob Brunskill

Standard Chartered Bank has become the first in the UAE to offer high net worth individuals a mortgage loan amount of up to $5 million, the highest on the market.

In a statement, the bank said the mortgage was available on either new or existing properties providing they were built by one of its registered developers.

"The mortgage process has also been made easier as a result of the Bank having developed two UAE first-in-market assessment criteria specifically tailored to this premium segment - liquid asset tests and asset backed lending," said Standard Chartered.

Using these markers, the bank will assess each customer individually rather than through a traditional scorecard approval process.

Standard Chartered added that it had decided to introduce the loan product after customer research revealed that confidence is coming back to the marketplace, with a number of high net worth clients requiring mortgages for more than current offerings.

This week, it was also reported that DHL, one of the world's leading logistics companies, has expanded its air network to better link the UAE with Asia and Europe.

Dubai property investment opportunity - The First Group