Banks to start lending soon !!

[Wannaberich]

Property will 'move again' as top lenders resume business
by Alex Delmar-MorganThis email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 22 April 2009

LENDING BOOST: Property experts have welcomed news that Amlak and Tamweer are to resume lending in weeks. (Getty Images)Property industry experts on Wednesday welcomed news that the UAE’s two biggest mortgage companies would start lending again soon.

“In the last few months Amlak and Tamweel have gone out of the lending market. Now they are coming back in very soon," said Ron Hinchey, partner at property consultant Cluttons.

"Those two organisations funded a large proportion of mortgages in this town. When they come back into the market this market can start moving again,” he added.

His comments made at real estate event the Dubai Property Society, come just a day after Nasser bin Hassan Al Sheikh, director general of Dubai's Department of Finance said Amlak and Tamweel were "weeks" away from lending again.

In October shares were suspended in the two Islamic home loan companies after they admitted facing solvency, funding and liquidity issues.

The two made up around two-thirds of the mortgage market in Dubai and experts feel the housing market will be boosted when they open their books again.

Lack of mortgage availability has put the brakes on Dubai’s housing market in the last six months.

Tamweel chairman on Wednesday also confirmed the two home loan specialists would be lending imminently.

“It is weeks, not months that Tamweel and Amlak are going to be back in business. There are slight formalities that are being done on the federal level,” said Khalid Bin Zayed Al Nahyan.

The government‘s plan is to reactivate lending at the two companies, before merging them.

In October it was announced that Amlak and rival Tamweel would merge by the end of the first quarter this year in a $1.6bn deal to cope with the global economic downturn.

The two are due to merge under government-owned Real Estate Bank which would hold a majority stake in the newly created firm.

At the start of last month the UAE government committee completed a review into the potential merger and said it was looking at a range of options.

Any tie up between the two lenders would be the biggest merger in Dubai since Emirates NBD was formed in 2007.

 

[stumbled]

Property will 'move again' as top lenders resume business
by Alex Delmar-MorganThis email address is being protected from spam bots, you need Javascript enabled to view it on Wednesday, 22 April 2009

LENDING BOOST: Property experts have welcomed news that Amlak and Tamweer are to resume lending in weeks. (Getty Images)Property industry experts on Wednesday welcomed news that the UAE’s two biggest mortgage companies would start lending again soon.

“In the last few months Amlak and Tamweel have gone out of the lending market. Now they are coming back in very soon," said Ron Hinchey, partner at property consultant Cluttons.

"Those two organisations funded a large proportion of mortgages in this town. When they come back into the market this market can start moving again,” he added.

His comments made at real estate event the Dubai Property Society, come just a day after Nasser bin Hassan Al Sheikh, director general of Dubai's Department of Finance said Amlak and Tamweel were "weeks" away from lending again.

In October shares were suspended in the two Islamic home loan companies after they admitted facing solvency, funding and liquidity issues.

The two made up around two-thirds of the mortgage market in Dubai and experts feel the housing market will be boosted when they open their books again.

Lack of mortgage availability has put the brakes on Dubai’s housing market in the last six months.

Tamweel chairman on Wednesday also confirmed the two home loan specialists would be lending imminently.

“It is weeks, not months that Tamweel and Amlak are going to be back in business. There are slight formalities that are being done on the federal level,” said Khalid Bin Zayed Al Nahyan.

The government‘s plan is to reactivate lending at the two companies, before merging them.

In October it was announced that Amlak and rival Tamweel would merge by the end of the first quarter this year in a $1.6bn deal to cope with the global economic downturn.

The two are due to merge under government-owned Real Estate Bank which would hold a majority stake in the newly created firm.

At the start of last month the UAE government committee completed a review into the potential merger and said it was looking at a range of options.

Any tie up between the two lenders would be the biggest merger in Dubai since Emirates NBD was formed in 2007.

ON WHAT GROUNDS??? WHAT GUARANTEE WILL YOU GIVE TO GET A LOAN??STOP MAKING THREADS WHEN YOU DON'T ANSWER SIMPLE QUESTIONS!!
expatriates.com - Dubai - Real Estate For Sale

The point dobuy seems to be making is why have i come back after 2 years??well, for someone like me i like to read the posts and only think speak when its necessary and this is a forum not his ''chai'' shop where he can control who comes in and who doesn't. If you make 2 posts a day, it shows how frivelous you are with your comments and speak before you think,all this time i'VE come here weekly read the forums and bloggs and go away. The market was doing well and everyone seemed happy and none seemed to pay attention to the dangers that LURKED and still lurk out there. All i ask is you counter my points as i list them, cause you don't seem to understand when i put em in sentences. You are obessessed with what i missed and why i am here, seems living in Dubai makes you like that as you dont have your basic rights, freedom of speech, freedom to go where you like when you liKe...etc etc.



1)dirhams peg?
2)will income tax be introduced?
3)when the kids finish their term will the parents flee?
4)what guarantee will people give for a deposit to a bank?
5)with europeans and americans out of the pic, who are the buyers out there?
6)WHAT SORT OF loans are you being offered in dubai and at what rate??
7)In UK i was offered a mortgage offer recently at 2.33% fixed for 2 years, can you ever get that sort of a rate in dubai?
8)with gross rents at 10%...after dedcuting service charges, income tax (if not living in dubai),management charges,wear and tear, etc etc do people still make money on the end product??
9)majority of people were making money when they were buying at launch and hoping to make money as they went along that required $10k-100k dollars, they are stuck with huge portfolios and are finding it harder to make repayments as their slice increases... will they dump their stock and at what rate ??
10)What is the local govt. doing to stimulate the economy??the 10bil bail out by abudhabhi seemed like a bail out.....and if it ever does or protects anything it will only for its local citizens not for the expats.

11)has anyone been given a loan for a property??
12)what RIGHTS or what sort of renumeration packages are available if you lose a job??
13)Ive heard you can be denied a visa if you make a serious traffic offence, so whats the point of having a residence visa when you don't have basic human rights and right to entry and retire in a country you slogg your whole life?

the questions are endless....LIKE I SAID YOU DON'T KNOW MY FINANCIAL POSITION IN LIFE AND YOU ARE STUCK ON THE IDEA THAT I AM BITTER WITH A MISSED OPPORTUNITY, 3-4 years is a long time to be bitter isnt it? and remember opportunities never die there is always an oppotunity ,all you have to do is be wise and be PATIENT. That is A THOUGHT you can chew upon , to me I want answers to my questions that i've asked, until then from where i am sitting DUBAI IS F.I.N.I.S.H.E.............D!!!






the link gives you the distress sellers in dubai ...


expatriates.com - Dubai - Real Estate For Sale