•First of its form partnership will transform financing for property leases
•Urban landlords will acquire a single upfront fee for the year’s rent; Urban tenants will pay hire in monthly instalments
Emirates NBD, a main banking crew in the region, has partnered with property technology start-up Urban to create a first of its form financing program for UAE property rentals.
Launched in the past this year, Urban’s modern platform has added the whole apartment experience online, permitting tenants to discover inspected homes, access digital viewings, go to properties at their comfort through secure digital locks, and pay by using card or bank transfer.
Following the partnership with Emirates NBD, Urban tenants can now seem to be forward to paying their lease monthly in any Urban property via a customised apartment loan, enabling them to experience charge flexibility and convenience. Landlords will gain from receiving the whole rental quantity for the year upfront, thus supplying them access to improved cash flows.
The answer developed through Emirates NBD and Urban is aimed at improving the rental process at an opportune time, addressing an overwhelming want for prolonged intervals for lease repayments and supplying peace of thinking to tenants and landlords, making it a win-win solution. Urban’s digital rental solution, alongside with Emirates NBD’s condo mortgage proposition has been designed in response to developing problems voiced by renters evidenced in a latest YouGov survey, which recognized that a 0.33 of Dubai residents discovered the current rental system worrying and almost half favored the choice to pay lease in greater instalments.
Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD, said: “The rental loan from Emirates NBD, in partnership with Urban demonstrates our dedication to maintain listening for approaches to decorate the lives of our customers. Relieving the stress of the residence apartment method by providing full financing with bendy payment choices via the Urban app empowers each tenants and landlords, whilst additionally handing over a superior customer experience.”
Rashid Al Ghurair, CEO of Urban, said: “The current payment device that landlords and tenants have been pressured to contend with has been a burden for too long, with each events determined for a higher solution. Our partnership with Emirates NBD empowers renters and homeowners, by imparting them choice, transparency, and subsequently a higher experience. We could not be extra excited to be at the forefront of addressing a primary factor of competition in Dubai’s rental market, by finally making monthly lease repayments a reality.”