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25 March 2018

Dubai Islamic Bank’s ‘MyHome’ is set to change UAE home finance market

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  • MyHome to be pan-UAE offering
  • MyHome offers customers significant flexibility in aligning the repayments to their cash flow
  • Customers get more choice and flexibility to meet their needs

Dubai Islamic Bank (DIB), the UAE’s largest Islamic Bank, has launched a new home finance product that is set to change the face of home finance in the UAE.                       

DIB’s MyHome is a ‘one stop shop’ to meet a customer’s entire home finance related needs. More than just another financing option, it removes the challenges customers often face from complex jargon to multi-staged paperwork, whilst simultaneously adding many new attractive options as part of the package. With MyHome, customers benefit from simple, easy to understand facts and figures discussed up front, with every step of the process during their home finance journey explained.

MyHome offers the widest range of profit rates in the UAE market giving customers greater choice and flexibility throughout the life of their home finance, from choosing their monthly payments, budgeting for the extras that come with home buying to taking care of their home and contents and even protecting the family’s future.

Varun Sood, Chief of Home Finance at DIB, said; “With decades of home finance experience we have launched ‘MyHome’ to offer the most compelling home finance proposition in the market. Being the largest player in the UAE’s home finance industry, DIB is ideally placed to help customers navigate the complexities of buying a home”.

Mr Sood added: “We listened and heard what the market was saying. Home buyers are already stressed with what they see as the biggest investment of their lives, they don’t want further duress through complicated pricing structures. Thus, the sheer transparency and simplicity of DIB’s MyHome offering vis-à-vis pricing as well as the flexibility and variety of payment mechanisms and value-added services at attractive discounts help ease them into their new abode. 

The first of its kind MyHome is simple, easy to apply for and empowers customers, giving them the choice and flexibility to design their own home finance as well as benefitting from a wide range of additional services, comprising of low cost solutions for the extra expenses that come with home buying, Takaful protection for their families and the property, allowing customers to grow their wealth and establish a lasting legacy.”

DIB’s new MyHome also comes with an industry first MyHome Credit Card which provides customers a seamless solution to help cover the extra costs and provides customers access to special deals with a wide range of retailers with home-ownership benefits.