Standard Chartered Bank has launched a new mortgage facility that will offer a loan amount of up to $5m to the high net worth individuals in UAE.
The mortgage targets the high net worth individual market segment and is available to either new or existing properties provided they were built by one of the bank’s registered developers.
Liquid asset tests have been tailored around a customer being able to prove ownership of appropriate financial assets, while asset backed lending is based on the assessment of a customer’s overall income, assets and borrowings. The bank will assess each customer individually rather than through a traditional scorecard approval process.
David Inglesfield, head of private banking for MENA region at Standard Chartered, said: “As we continue to invest for future growth and as we continue on our journey to becoming an even more customer centric organization, we created this product after our customer research has shown confidence is coming back to the marketplace and a number of high net worth clients required mortgages for more than what was being offered across the marketplace.”