Tamweel launches two new products

Tamweel, the UAE Islamic home finance provider, expands its portfolio to capitalize on the recent announcement of the UAE Federal Cabinet regarding extension of property visa from six months to tree years. The company announced on Wednesday the expansion of its home finance product suite with the launch of two new products. The Non-residents Program will make home finance available to select overseas investors looking to purchase residential property in the UAE. Tamweel’s Home Refinance Program for fully paid properties is designed to help owners unlock the value in their homes. Through the Non-residents Programme, finance is available for ready residential properties in Abu Dhabi and Dubai up to a maximum value of Dh5 million and with a repayment tenure of up to 25 years. The product is open to salaried individuals from select countries.

With this announcement, Tamweel becomes the only local finance company to cater to non-residents. The launch of the Non-residents Program follows the recent announcement of the Federal Cabinet to extend visas for non-resident property buyers to three years from the current six months. Varun Sood, Acting Chief Executive Officer of Tamweel, said: “The recent announcement by the Federal Cabinet will bring about increased certainty to foreign property investors which will in turn provide a boost to the UAE real estate sector. In launching this product now, Tamweel is well positioned to meet the anticipated uplift in demand from overseas investors.”