Qatar’s UDC & Commercial Bank sign MoU to offer loans for property buyers

Qatar’s UDC & Commercial Bank sign MoU to offer loans for property buyers

United Development Company (UDC), a leading Qatari shareholding company, has signed a Memorandum of Understanding (MoU) with the Commercial Bank (CB) with an aim to provide attractive home loans for UDC properties at its flagship developments, The Pearl and Gewan Islands.

In the presence of UDC President, Chief Executive Officer and Board Member Mr. Ibrahim Jassim Al Othman and Commercial Bank Group Chief Executive Officer Mr. Joseph Abraham, the MoU was co-signed by UDC Executive Director Commercial Mr. Hussain Akbar Al Baker and Commercial Bank EGM, Chief Marketing Officer and Head of Premium Banking Mr. Hussein Al Abdulla during a ceremony held at UDC Tower at The Pearl Island, with senior representatives from both parties also in attendance.

As part of the agreement, UDC property buyers will be able to apply with Commercial Bank for a home loan of up to 70 percent of the property value and tenure of up to 20 years, as well as benefitting from fast loan processing and flexible added-value options and payment plans.

These finance arrangements will appeal to those wishing to live in the property themselves, and also to investors both locally and internationally as Commercial Bank offers mortgages for non-residents wishing to facilitate property ownership