Mizin, the real-estate development arm of United Arab Emirates-based Tatweer, has formed a mortgage deal with RakBank to provide Mizin’s Remraam community with a structured mortgage offering.
According to media reports, RakBank’s new structured mortgage offering will settle all outstanding instalments of the original price on the Remraam development and enable home buyers to settle payments over a period of up to 25 years.
The new financing facility is expected to ease the financial prioritisation of the development’s existing non-mortgaged customers. Mizin is reportedly hosting a dedicated mortgage desk for RakBank at its headquarters in Dubai Healthcare City.
Graham Honeybill, general manager of RakBank, said: The new mortgage facility offered to Mizin customers is another way of easing the process of owning a home in the United Arab Emirates by making it much more convenient and manageable.
In addition, RakBank will be offering qualified Remraam customers the option of partial settlement up to 20% annually free of charge and only a 1% charge on the outstanding loan amount in the case of a buyout before or after completion of the development.
