Landmark MOU Signed by Union National Bank

Union National Bank and DAMAC Properties have forged a landmark memorandum of understanding (MOU), the first step in a contract of business. The MOU provided that UNB will supply mortgage financing for UAE residents purchasing apartments in DAMAC developments.

The home loans for all DAMAC properties will be offered through the 34 locations across the UAE. The MOU will allow customers to access competitive mortgage schemes while making the road smoother for people to own their DAMAC dream home. The high quality of service that UNB provides makes it almost assured that many people will chose to finance their DAMAC property through the bank. DAMAC and UNB also announced joint promotions for four projects across the mid east.

The financing under the promotion will offer up to 90% lending of the purchase price. It will also offer no repayment and 0% interest during the construction period for a maximum of three years along with a discounted processing fee. DAMAC Properties is valued at over AED 10 billion; it is a subsidy of DAMAC Holding founded in 1982. DAMAC holding has grown into a global company with more than 5000 employees throughout 16 countries. DAMAC Properties has become a leader in the market by spreading its sights to the mortgage industry.