Emirates NBD, a leading banking group in the region, has partnered with property technology start-up Urban to create a first of its kind financing program for UAE property rentals.
Launched earlier this year, Urban’s innovative platform has brought the entire rental journey online, allowing tenants to find inspected homes, access virtual viewings, visit properties at their convenience through secure digital locks, and pay via card or bank transfer.
Following the partnership with Emirates NBD, Urban tenants can now look forward to paying their rent monthly in any Urban property through a customised rental loan, enabling them to enjoy payment flexibility and convenience. Landlords will benefit from receiving the entire rental amount for the year upfront, thus offering them access to improved cash flows.
The solution developed by Emirates NBD and Urban is aimed at enhancing the rental process at an opportune time, addressing an overwhelming need for extended intervals for rent payments and offering peace of mind to tenants and landlords, making it a win-win solution. Urban’s digital rental solution, along with Emirates NBD’s rental loan proposition has been designed in response to growing issues voiced by renters evidenced in a recent YouGov survey, which identified that a third of Dubai residents found the current rental process stressful and nearly half preferred the option to pay rent in more 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 commitment to keep listening for ways to enhance the lives of our customers. Relieving the stress of the house rental process by offering full financing with flexible payment options through the Urban app empowers both tenants and landlords, while also delivering a superior customer experience.”
Rashid Al Ghurair, CEO of Urban, said: “The current payment system that landlords and tenants have been forced to contend with has been a burden for too long, with both parties desperate for a better solution. Our partnership with Emirates NBD empowers renters and homeowners, by offering them choice, transparency, and ultimately a better experience. We could not be more excited to be at the forefront of addressing a major point of contention in Dubai’s rental market, by finally making monthly rent payments a reality.”