New agreement allows eligible buyers to secure Shariah-compliant financing for under-construction properties at Expo City Dubai
Dubai: Dubai Islamic Bank (DIB) has partnered with Expo City Dubai to provide home financing for eligible buyers purchasing off-plan properties within the master-planned development.
The agreement supports DIB’s strategy to expand its home finance offerings through partnerships with leading developers and government-related entities across the UAE.
The partnership is focused on properties under construction at Expo City Dubai, which is evolving into a mixed-use urban destination featuring residential, commercial and cultural developments.
Under the programme, DIB can finance up to 50% of a property’s value once a DIB-approved project has reached at least 35% construction completion and the buyer has paid 50% of the purchase price.
Eligible customers will pay only the profit amount during the construction period, with full monthly instalments beginning at handover or within 24 months of taking the finance, whichever comes first. Financing is available for up to 25 years, subject to the bank’s eligibility, credit and regulatory requirements. The offering is available to eligible UAE nationals, residents and non-residents, and does not require a salary transfer.
Sanjay Malhotra, Chief Consumer Banking Officer at DIB, said the partnership would make homeownership at Expo City Dubai more accessible as demand for off-plan properties continues to grow.
“Expo City Dubai represents one of the most distinctive chapters in Dubai’s urban story, and we are proud to bring DIB’s Home Finance expertise to a destination built on such a strong legacy,” he said.
“Eligible Expo City Dubai buyers can arrange finance during construction, pay only the profit amount during that period and move to full instalments at handover or within 24 months. The value of the proposition is simple: earlier clarity on one of the biggest financial commitments a customer will make.”
Ahmed Al Khatib, Chief Development and Delivery Officer at Expo City Dubai, said the partnership would simplify the home-buying journey for customers.
“Partnering with a premier institution such as DIB significantly enhances Expo City Dubai’s ability to offer buyers a smooth, simple and hassle-free journey to home ownership,” he said.
“DIB’s Shariah-compliant home financing solutions will empower more investors to join our community in a collaboration that reflects trust in Expo City’s long-term vision and confidence in Dubai’s real estate landscape.”
Source: Emirates 24|7