Damac facilitates $163m worth of mortgages in UAEby Jumana Abdel-Razzaq on Mar 20, 2017
Damac Properties' in-house mortgage department has so far facilitated home financing worth $163m (AED600m) for hundreds of units across the UAE, the company announced on Monday.
The only developer in the region that provides an in-house mortgage department, the division at Damac helps evaluate customers’ current financial position by offering advice on the most suitable mortgage products for client financial needs.
Niall McLoughlin, senior vice president, Damac Properties, said: “We deal with all UAE banks and mortgage lenders on completed as well as off-plan properties.
“From liaising with banks and the sales team on their behalf to obtaining and reviewing the bank proposals, to assisting in closing the mortgage deals, including the facilitation of all mortgage-related activities and correspondences, we take pride in closing the loop on our business dealings with our customers through this unique service.”
In cooperation with banks, Damac Properties organises joint mortgage events to present bundled product offerings that combine properties with suitable mortgage solutions, providing customers with instant approvals that determine their eligibility to mortgage loans.
In addition to offering free assistance to customers, the department also streamlines the business process internally and externally with banks and Dubai Land Department to ensure all transactions are registered successfully in accordance with the regulations.
Damac Properties’ mortgage division was established in 2014.