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Indian bank in UAE offers home loans at 3.5% for Dubai villas

Danube Properties, a leading Dubai-based property developer, said on Sunday it had signed an agreement with Bank of Baroda to facilitate "affordable home loans" for customers of its villa project at 3.5 per cent annual interest.
As per the agreement, Bank of Baroda - the only Indian bank with full-fledged operations in the UAE - will set up a dedicated desk for speedy sanction of loans to eligible customers of Dreamz By Danube project against their property purchase.
Rizwan Sajan, founder and chairman of Danube Group, and Suhas D. Sontakke, deputy general manager of Bank of Baroda, signed the agreement.
Vineet K. Dudeja, chief executive of Bank of Baroda-GCC Operations, said housing loans for up to 20 years could also be availed from any of the branches of the bank in UAE and other GCC countries where the lender has a presence. Dudeja said his bank has introduced various need-based new product lines, implemented several digitalised technological initiatives and tie-up arrangements with big companies particularly in retail credit portfolio to operate more efficiently and better serve the customers.
"The agreement with Danube will provide buyers of Danube Properties affordable housing loans at competitive rate of interest over flexible repayment periods."
Sajan said the primary reason for signing the agreement with Bank of Baroda is to enable customers to mortgage their properties and get loans. "We hope to have a fruitful partnership with Bank of Baroda and want to ensure that we can provide promising solutions for our buyers." Addressing a Press conference, Anis Sajan, managing Director of Danube Group, said the agreement was a statement of intent to give customers, a chance to apply for home loans at a rate of interest that is as low as 3.5 per cent per annum. Atif Rahman, general manager of Danube Properties, said Dreamz is the first project launched by Danube Group at Dubai's Al Furjan neighbourhood. The property spans an area of 700,000 Square feet and offers villas with three and four bedrooms. The property also houses amenities including a gym, swimming pool, sauna, children's play area and much more, he said.
Rahman said with the entry of Danube Properties as a strong player in the market, healthy competition has not only intensified, but also boosted fair pricing and quality service.
He said all Danube Properties' projects had enjoyed "phenomenal success thanks to their affordable prices and flexible payment plan, combined with the development's convenient location."
- issacjohn@khaleejtimes.com