UAE Islamic home finance provider Tamweel has announced expansion of its product suite with the launch of two new products - non-residents programme and home refinance pogramme.

The non-residents programme will make home finance available to select overseas investors looking to purchase residential property in the UAE, while home refinance for fully paid properties is designed to help owners unlock the value in their homes.

Through the non-residents programme, finance is available for ready residential properties in Abu Dhabi and Dubai up to a maximum value of Dh5 million ($1.36 million) and with a repayment tenure of up to 25 years, said a Tamweel statement.

The product is open to salaried individuals from select countries, it added.

With this announcement, Tamweel becomes the only local finance company to cater to expats, the company said in a statement.

The launch of the non-residents programme follows the recent announcement of the federal cabinet to extend visas for non-resident property buyers to three years from the current six months.

Varun Sood, acting chief executive officer of Tamweel, said: 'The recent announcement by the Federal Cabinet will bring about increased certainty to foreign property investors which will in turn provide a boost to the UAE real estate sector.'

'In launching this product now, Tamweel is well positioned to meet the anticipated uplift in demand from overseas investors,' he added.
 
Tamweel also launched its Home Refinance Programme which allows salaried and self-employed owners of fully paid properties to acquire finance for up to 50 per cent of the value of their home.

'Home Refinance Programmes are common in many mature markets, such as the UK and US, but relatively new in the UAE. There is, however, a clear demand from owners of fully paid properties to unlock some of the value in their homes to fund home renovations, children’s educations,' .

'The launch of Tamweel’s Home Refinance Programme meets this demand and is in line with our commitment to provide innovative solutions that meet the evolving needs of customers,' Sood added.-TradeArabia News Service