Emirates NBD transforms property rental with finance program
Emirates NBD partners with startup property technology company Urban to transform financing for property rentals.
Emirates NBD - a leading bank within the UAE - has partnered with startup property technology company, Urban. Together the organisations have partnered to create a ‘first of its kind’ financing program for the property rentals in the UAE.
Launching its innovative platform earlier this year, Urban has digitised the entire rental journey, allowing tenants to find homes, access virtual viewings, visit properties via secure digital locks and pay via card or bank transfer online.
As a result the partnership between Emirates NBD and Urban will allow tenants to pay their rent monthly for any Urban property through a customised rental loan providing payment flexibility and convenience. While landlords can benefit from receiving the entire rental amount for the year upfront offering access to improved cash flows.
Addressing an overwhelming need for extended intervals for rent payments, the solutions was developed by the two companies to enhance the rental process at an opportune time, offering peace of mind to both tenants and landlords.
“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,” commented Suvo Sarkar, Senior Executive Vice President & Group Head – Retail Banking and Wealth Management, Emirates NBD.
The solution was designed in response to a recent YouGov survey which identified growing issues voiced by renters that a third of Dubai residents stated that the current rental process is stressful, with almost half preferring the option to pay rent in more instalments.
“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,” added Rashid Al Ghurair, CEO of Urban.
Founded in 2019, Urban strives to make the overwhelming experience of renting in the UAE simple.
“Rather than doing things the way they’ve always been done, we’re starting with how they should be done—by making the journey to find your new home joyful rather than painful [...] We're making renting easy, honest and empowering by bringing the entire rental journey online. With Urban, you can discover inspected homes, visit on your own and pay your rent monthly.”
About Emirates NBD
Founded in 1963, Emirates NBD has been operating for more than 50 years, with preservation of the UAE culture and heritage at its heart.
“Everyday we make our customers' lives simpler by providing solutions that help them fulfill their financial aspirations.”
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