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Lloyds offers Union Properties loans for Dubai developments

- August 22, 2005, 12:50 am

Lloyds TSB Dubai, a triple A rated bank in the emirate, has announced an agreement with Union Properties (UP) to offer home loans at its leading developments.

In addition to offering home loan finance to residents of the Green Community, which includes the recently launched Lake Apartments, Lloyds TSB also offers home loans for the Green Community West development and uptown Mirdiff.

“Union Properties developments are extremely well received in the market after the success of Green Community, a development still talked about for its exceptional quality. Units are still available at uptown Mirdiff and Green Community West, which have been built to the same exacting levels of quality for buyers who missed out on being part of the first success story,” a statement from the bank said.

Property buyers and residents at these Union Properties developments will be charged a low arrangement fee of 0.5 per cent by Lloyds TSB. The bank said it will offer competitive interest rates and there will be no early repayment penalties.

Lloyd’s standard variable mortgage rate is 7.5 per cent. They are offering a preferential rate of 6 per cent to residents of the Green Community until November 1.

“This agreement with Union Properties is very important to Lloyds TSB and our customers. Property buyers in Green Community and uptown Mirdiff will be offered the Lloyds TSB market leading home loan product and our dedicated on-site mortgage arrangers will ensure fast and efficient processing of their application,” said Giles Cunningham, regional manager, Lloyds TSB, UAE and Gulf states.

Lloyds TSB looks for a 30 per cent deposit. Rather than salary multiples, the traditional way a bank used to determine the correct level of borrowing for a customer, Lloyds TSB uses an affordability analysis, which aims to keep the monthly mortgage commitment below one third of a borrower’s disposable income.

The bank offers free valuation services for customers transferring their loan from another lender and can also assist customers who wish to transfer their loan from a rent to Lloyds TSB’s scheme.

“With this agreement with Union Properties, our home loan product is now offered for projects by all major developers,” Cunningham added.

Source - Gulf News

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