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BSEL and Bank of Baroda offer mortgage finance
| BSEL Infrastructure Realty (FZE), developers of the seven residential towers at Ajman’s Emirates City, worth AED 2 billion, has announced a tie up with the Bank of Baroda (BOB) to offer mortgage financing. |
The seven towers of the project are named after jewels - Fayrooz, Kahraman, Almas, Emerald, Sapphire, Pearl and BSEL Ruby.
Under the mortgage finance scheme, Bank of Baroda will offer 70 per cent of the value of the property up to a maximum tenure of 15 years, subject to fulfilling terms and conditions. The rate of interest starts from 8.50 per cent; floating rate linked with Bank of Baroda’s lending rate in the UAE.
Each tower rises to 50 floors with a total of 5,000 apartments, covering an area of around eight million square feet. The development has already begun and the first phase, with BSEL Pearl Tower, is expected to be completed early in 2010. Each tower will have a ground floor show room, six-level car parking and a host of amenities.
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