Celebrating UAE Innovation Month, Noor Bank, a leading Shari’a-compliant bank in the UAE, today announced the launch of the first-of-its-kind Constant Instalment product that offers home buyers in the country added convenience in repaying their home finance.
Home finance customers are usually required to make repayments based on Emirates Interbank Offered Rate (EIBOR) market fluctuations or other similar internal benchmark indexes for their finance. With Noor Home’s constant instalment product, customers can enjoy peace of mind in their home finance repayments as the payments will remain constant within certain threshold of the EIBOR Movement.
They can set up standing instructions for payments as the repayments will be constant. Customers also have the flexibility to pre-pay up to 20 per cent of the principal every year free of charge.
Speaking on the announcement, Mufazzal Kajiji, Head of Retail Banking at Noor Bank, said: “The UAE’s attractive real estate sector offers great investment opportunities and value to buyers. To facilitate owning a home in a way that is less cumbersome has been the biggest motivation for us to launch the innovative Constant Instalment product. The product addresses repayment fluctuation issues that home finance customers routinely face, giving them the freedom to better manage their finances. Customer delight driven by innovation is the objective of the bank. As the UAE continues to set new benchmarks in innovation and, Noor Bank seeks to align its objectives with these wider national goals.”
For his part, Girish Advani, Head of Assets – Retail Banking at Noor Bank, said: “At Noor Bank, we work relentlessly to develop products and services that reimagine the way we serve our clients. With the launch of our constant instalment product, we aim to enable our customers to plan their expenses without worrying about repayment variations. We are confident that this unique proposition will reinforce our position as a valued partner on their finance journey.”
